S&P 500 index rallied on Monday after Fed Chairman Ben Bernake said expansionary monetary policy is still necessary to boost jobs. US index gained 1.39% or 19.40 points and closed at 1,416.51. Apple Inc reached a new record as its shares jumped 1.8% to USD 606.98 a share. Edwards Lifesciences rocketed 5.9% on research results that showed company's Sapien device triggers higher rates of stroke or death after two years. Safeway Inc. dropped 3.4%, after Credit Suisse Group downgraded the grocer from outperform to neutral.