Dow Average Rallies to Highest Level Since May on Fed’s Pledge

U.S. stocks rose, sending the Dow Jones Industrial Average to the highest level since May, as the Federal Reserve signaled low rates through at least late 2014 and didn’t rule out bond purchases to bolster the economy.

A measure of commodity shares in the Standard & Poor’s 500 Index added 1.6 percent after gold rallied as record-low rates may boost its appeal as a hedge against inflation. Banks had the biggest drop in the S&P 500 among 24 groups as the industry may face pressure on margins from the Fed’s policy on rates. Apple Inc. climbed 6.2 percent to an all-time high as profit more than doubled. Textron Inc., the maker of Cessna planes, surged 15 percent after forecasting higher-than-estimated earnings.