Bernanke, housing drive summer rally The Fed chief says a recovery is coming. Existing-home sales rise for 4th straight month. Oil prices hit the highest level of 2009. Posted by Elizabeth Strott on Friday, August 21, 2009 9:22 AM Updated at 1:05 p.m. ET The economy is starting to recover, according to Federal Reserve Chairman Ben Bernanke. The global economy is "beginning to emerge" from a recession, thanks to the steps taken by the Fed, other central banks and governments, Bernanke said today in a speech at the Kansas City Feds annual symposium in Jackson Hole, Wyoming. Bernanke's optimistic comments, along with higher oil prices and an unexpected jump in existing home sales, helped spark a nice summer rally this afternoon. At 1:05 p.m. ET, the Dow Jones Industrial Average ($INDU) was up 138 points, or 1.5%, to 9,488. The Nasdaq Composite Index ($COMPX) had added 25 points, or 1.3%, to 2,015, and the Standard & Poor's 500 Index ($INX) had gained 16 points, or 1.6%, to 1,024.