Dow up 220; S&P 500 hits 2010 high

story by MSN
written by Charley Blaine

Investors cheer the Fed's decision to pump $600 billion into the economy and, maybe, a truce on the Bush tax cuts. Starbucks earnings jump. The dollar falls; gold and oil rally.

U.S. stocks soared to their best levels of the year today, with the Dow Jones industrials ($INDU) completing a recovery of their losses since the 2008 failure of investment house Lehman Bros.

The rally pushed the Standard & Poor's 500 Index ($INX) to closing and intraday highs, as investors around the world cheered the Federal Reserve's $600 billion investment in jump-starting the economy. And the Nasdaq Composite Index ($COMPX) closed at its best level since January 2008.