Stocks rose to five-year highs on Friday, with the Dow closing above 14,000 for the first time since October 2007, after jobs and manufacturing data showed the economy's recovery remains on track. (REUTERS/Brendan McDermid)

All three major U.S. stock indexes rose more than 1 percent on Wednesday and the S&P 500 posted its best daily percentage gain since January 2 as Federal Reserve Chairman Ben Bernanke remained steadfast in his support of the Fed’s stimulus policy.

Based on the latest available data, the Dow Jones industrial average was up 175.24 points, or 1.26 percent, at 14,075.37. The Standard & Poor’s 500 Index  was up 19.05 points, or 1.27 percent, at 1,515.99. The Nasdaq Composite Index  was up 32.61 points, or 1.04 percent, at 3,162.26.

(Reporting by Caroline Valetkevitch; Editing by Kenneth Barry)