Stocks gain after Fed strategy hints

Stocks leaped to multiyear highs and recorded one of their biggest gains of the year Monday after Federal Reserve Chairman Ben Bernanke suggested the economy still needs help to produce faster job growth.

The Dow Jones industrial average climbed 160.90 points to 13,241.63, its third-best showing this year. The Standard & Poor's 500 index rose 19.40 points to 1,416.51, its highest close since May 2008.

The Nasdaq composite index, which is closing in on a 20 percent rally for the year, climbed 54.65 points to 3,122.57, its best finish since November 2000.

Health care stocks led the market on a day when the Supreme Court began hearing arguments on the constitutionality of President Barack Obama's 2010 health care law, focusing on a provision that requires individuals to have health insurance by 2014 or pay a penalty.

If the court upholds the law, the insurance companies stand to gain 30 million customers. But the industry ran ads against the overhaul after deciding it would not bring enough healthy patients to balance higher costs.

Some of the jump in stocks could also be from money managers piling into stocks before the first quarter ends this week. Fund managers will want to show clients they are invested for the next quarter.