Stocks rally to records amid relief rates will remain low

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Wall Street rallied to records Friday after the head of the Federal Reserve said it’s still far from pulling interest rates off the record low that has helped the market soar, even if it does begin dialing back its support for the economy later this year. The S&P 500 rose 0.9%, beating the high it set on Wednesday. In a highly anticipated speech, the Fed’s chair said one milestone has been reached for the central bank to slow a bond-buying program that’s assisting the economy. But he stressed that the move toward eventually raising rates will be a gradual one.