NEW YORK, Jan. 10 (Xinhua) -- Wall Street enjoys pleasant gains on Thursday as the Federal Reserve is ready to slash interest rates and Bank of America Corp. sets out to buy Countrywide Financial Corp.

    U.S. Federal Reserve Chairman Ben Bernanke said Thursday that the central bank is ready to cut interest rates to rescue the economy, which helps the Dow Jones soar more than 120 points.

    However, inflation remains a concern and the stock market is "not the center of our attention," Kansas City Fed President Thomas Hoenig said later.

    Bank of America Corp. is talking with the deeply troubled Countrywide Financial Corp., the largest mortgage lender in the United States, on the buyout of the latter, according to the afternoon report of The Wall Street Journal. The Dow Jones industrials finish up nearly 120 points upon this news.

    The sales of U.S. wholesalers rise by 2.2 percent in November, the biggest increase since September 2005, the U.S. Commerce Department said Thursday. The sales figures indicate that the fourth quarter might be stronger than has been expected.

    The Dow Jones industrial average rises 117.78, or 0.92 percent, to 12,853.09. Broader stock indicators also rebound. The Standard & Poor's 500 index increases 11.20, or 0.79 percent, to 1,420.33, while the Nasdaq composite index rises 13.97, or 0.56 percent, to 2,488.52.