NEW YORK (CNNMoney)
The blue chip index rose nearly 1% in early morning trading Monday and is just a handful of points below its all-time peak of 1,709 from early last month.
The Dow Jones industrial average and the Nasdaq were up about 1% as well. The Dow is now less than 1% from its record high..
Global markets also cheered the news. European markets were solidly higher in afternoon trading, and most Asian markets also climbed.
Bond investors were elated too. The 10-year Treasury yield fell to 2.79% as investors rushed to buy long-term bonds.
Click here for more on stocks, bonds, currencies and commodities
Investors are excited at the prospect of top contender Janet Yellen taking over from current Fed chairman Ben Bernanke, since she is widely expected to pursue a similar policy of stimulating the economy to bring the unemployment rate down. Yellen is currently the Fed's vice chair.
There had been some concerns that Summers, who was widely viewed as the frontrunner for the top Fed job, would have been more aggressive at pulling back on the monetary stimulus measures that have been pumping cash into the system and supporting stock markets around the world.
Related: Janet Yellen is again the frontrunner for Fed chair
Meanwhile, Saturday's announcement that the U.S. and Russia had created a framework to eliminate Syria's chemical weapons also lifted investors' mood.
The threat of imminent U.S.-led military strikes against Syria has now faded to the background, but it had caused a significant amount of market volatility and spikes in oil prices. The price of light crude oil is now easing.
Related: Fear & Greed Index idling in neutral
On the economic front, manufacturing activity in New York unexpectedly slowed in September, according to report from the New York Federal Reserve. A separate report showed that industrial production rose the most in six months, although slightly slower pace than estimates, while capacity utilization grew in line with forecasts.
First Published: September 16, 2013: 9:45 AM ET
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