The confirmation of Ben Bernanke as President Bush's appointee to be the next Federal Reserve chairman helped major stock proxies rally Monday. The market's positive reaction reveals a bullish undertone, but it's still too early to tell whether this will be a lasting catalyst for the much-anticipated fourth-quarter rally. The Dow Jones Industrial Average surged 169.78 points, or 1.7%, to 10,385.00. The S&P 500 gained 19.79 points, or 1.7%, to 1199.38, and the Nasdaq Composite rose 33.62 points, or 1.6%, to 2115.83. Cantor Fitzgerald market strategist Marc Pado noted that the market was already moving up ahead of the Bernanke news, with the Dow gaining nearly 60 points even before rumors of the announcement surfaced. The move was in line with the uptrend seen Friday, which had lifted the broad averages, except for the Dow, which was sunk by Caterpillar ( CAT). But on Monday, Caterpillar and other economically sensitive components such as Alcoa ( AA), and DuPont ( DD) were lifting the blue-chip average. The key catalyst for the early gains in stocks was that Hurricane Wilma had veered away -- as expected -- from sensitive energy operations in the Gulf Coast. The price of crude oil continued to drop, losing 58 cents to $60.05 per barrel on Nymex, after trading below the key $60 level earlier in the session. But this time, energy shares didn't weigh on the broad indices, as they had last week. In fact, oil company shares surged prior to earnings reports from some of the sector's heavyweights such as Exxon Mobil ( XOM) later this week. The Amex Oil Index gained 3.0%. Last week's action was marked by sharp reversals, which is all part of establishing a base from which the market can move higher, from now until the end of November, says Cantor's Pado. But there's likely to be more resistance on the upside, he says. A lot of players have been hurt in the selling action that led the indices to five-month lows two weeks ago at around Dow 10,215, S&P 1177 and Nasdaq 2037.50. Many traders may be eager to sell into a rally as their positions get back to break-even.