Stocks surged today, with the S&P 500 and the Nasdaq indexes up more than 2 percent, as buyers emerged before a highly anticipated address by Federal Reserve Chairman Ben Bernanke later this week, Reuters reported.

Technology and other growth stocks drove much of the market’s gains, with the S&P Information Technology Index up 2.4 percent.

A weaker-than-expected reading of the U.S. housing sector was the latest in a string of discouraging reports that have raised expectations that the Fed will take measures to prop up the economy. New single-family home sales fell more than expected in July to hit a five-month low.

“People are putting money on the Fed saying something and buying stocks ahead,” said King Lip, chief investment officer at Baker Avenue Asset Management in an interview with Reuters.

Analysts have speculated Bernanke could unveil measures to revive the struggling economy, though others say he is most likely to outline gradual actions.

The Dow Jones industrial average was up 205.22 points, or 1.89 percent, at midday. The Standard & Poor’s 500 Index was up 23.50 points, or 2.09 percent. The Nasdaq Composite Index was up 59.04 points, or 2.52 percent.