Traders work on the floor of the New York Stock Exchange. Wall Street rallied Monday after the nomination of top White House economist Ben Bernanke to become the next Federal Reserve chairman. Stocks also rose on strong earnings from drugmakers and lower oil prices.

New York ? Wall Street staged an impressive rally Monday after the nomination of top White House economist Ben Bernanke as the next Federal Reserve chief, with the Dow Jones industrial average soaring nearly 170 points. Strong quarterly earnings from drugmakers and lower oil prices bolstered the gains.

Stocks already were advancing when news came that President Bush picked Bernanke, chair of the president’s Council of Economic Advisers, to succeed Chairman Alan Greenspan when he retires in January. Meanwhile, upbeat profit reports at Merck & Co. and Schering-Plough Corp. eased earnings concerns prompted by Pfizer Inc.’s weak forecast last week. Encouraging results from American Express Co. late in the day also lifted stocks.

At the close of trading, the Dow climbed 169.78, or 1.66 percent, to 10,385.00, its largest single-day gain since a 206-point advance April 21.