Stocks Rally, 10-Year Yield Hits Record Low After Fed Statement

U.S. stocks jumped the most in more than two years, rebounding from the worst drop since 2008, and 10-year Treasury yields touched a record low as the Federal Reserve vowed to keep interest rates near zero through mid-2013. The dollar weakened and the Swiss franc rose the most since at least 1971.

The Standard & Poor’s 500 Index jumped 4.7 percent to 1,172.53 at 4 p.m. in New York, its biggest gain since March 2009, after tumbling 6.7 percent yesterday. The 10-year Treasury yield fell as much as 28 basis points to 2.03 percent before trimming its decline. The Dollar Index slid 1.2 percent, its biggest drop since October, while the Swiss franc strengthened as much as 6.5 percent to a record $1.4099.