Technology stocks joined the rally, with the InformationWeek 100 rising 3.91 points, or 1.16%, to 341.09. The tech-laden Nasdaq-100 tracking stock rose 1.08% at $37.58, as the Nasdaq composite ended the day up 14.33 points, or 0.7%, at 2,089.66. Its volume reached 2.2 billion shares. The Standard & Poor's 500 index rose 12.22 points, or 1.1%, to 1,157.76.
In his testimony, the Fed chairman repeated the board's current position that it could remain patient before hiking interest rates. Analysts say that indicates that the Fed isn't particularly concerned about inflation.
Among tech stocks, Motorola shares rose 5.4% after a Credit Suisse First Boston analyst upgraded the company's stock to outperform from neutral and raised his 2005 earnings outlook.
But not all tech stocks rose. Despite posting earnings that beat Wall Street expectations by a penny a share, online job service Monster Worldwide's stock fell 4.8%.