US stocks extend gains - FT.com Gains in Apple shares helped push the Nasdaq and the S&P 500 higher at the opening of the Wall Street session. US benchmark indices extended Wednesday's sharp rally after China cut its benchmark interest rates for the first time since 2008 in an attempt to spur economic growth. In the US, investors awaited comments by Federal Reserve Chairman Ben Bernanke to a congressional committee for clues on whether the central bank would embark on another round of quantitative easing amid signs the US economic recovery is stalling. The S&P rose 0.7 per cent to trade at 1,324.15 points and Nasdaq advanced 0.5 per cent to 2860.02 in early trading. Apple shares gained 0.6 per cent to $564.68 and helping other tech shares, such as Google , which added 0.3 per cent to $582.52. Computer maker Dell rose 1.3 per cent to $12.37. Optimism about China's rate cut also supported shares in some of the US largest conglomerates and industrial groups. GE, Caterpillar and 3M all advanced pushing the blue-chip Dow Industrial Average 0.8 per cent higher to 12514.39. Ken Polcari, a managing director at Icap NYSE, said that while investors remained weary about the lack of resolution on the eurozone debt crisis, China's rate cut was a "positive" for stock markets. Financial shares were mixes ahead of the Fed's comments, with Bank of America and Citigroup declining, while Wells Fargo rose more than 1 per cent to $31.34. Markets showed limited reaction to the jobless claims report which showed that claims fell slightly in the previous week. In other company news, shares of electronics retailer Best Buy fell more than 7 per cent to $18.35 after the company said that founder Richard Schulze would step down as chairman and "explore" options for his 20.1 per cent ownership stake in the company.