Market Recap: Markets up on Bernanke's Comments

Markets closed up today:

▲ Dow +1.23 percent

▲ S&P +1.39 percent

▲ Nasdaq +1.78 percent

Commodities:

▲ Oil +0.20 percent

Precious metals:

▲ Gold (NYSE:GLD) up to $1,689.58 an ounce

▲ Silver (NYSE:SLV) up 2.22 percent to settle at $32.81

Today’s markets were up because:

Bernanke: Markets were up on comments made by Federal Reserve Chairman Ben Bernanke.

"We cannot yet be sure that the recent pace of improvement in the labor market will be sustained," Bernanke said in a speech to fellow economists today.

He added that the Fed's "accommodative monetary policies" should help reduce high unemployment over time. His comments reaffirm investors' expectation that the central bank will keep interest rates low for a long time, and that the Fed will act if the economy deteriorates, CNN Money reports.