The word bRhaspatiH (बृहस्पतिः) can be dissolved as bRhaH patiH (बृहः पतिः), meaning ‘the master of noble speech’ and is the name of a Wedic deity. He is the personification of piety and truth and is the chief offerer of prayer to the other deities, especially during a sacrifice.
He is considered to be the preceptor of Gods and hence, acquires the epithet dewaguru (देवगुरु). brahmaNaspati (ब्रह्मणस्पति) and gaNapati (गणपति) are the other names of bRhaspati.
He is described to be possesing a glowing yellow/golden body, holds a stick, a lotus and beads in his hands and rides the elephant. He is considered to be the son on sage aangirasa and suruupaa. He performed penance on the prabhaasatiirtha (प्रभासतीर्थ known as सोमनाथ in modern days) and attained the position of the Guru (गुरु teacher) of Gods.

In the later period, i.e. the Pauranic times, bRhaspati merged with the planet ‘Guru’ (गुरु Jupiter), probably, because both of them had the epithet of ‘guru’. He is considered to be the most beneficial of all the nine planets. He is the master of Thursday. He possesses the aakaasha-tattwa (आकाश तत्त्व ether-element) and hence symbolises expansion and prosperity.

पुष्यनक्षत्र Pushya constellation

Pushya (पुष्य) is one of the twenty seven nakshatras (नक्षत्र constellations) and is considered an auspicious one by Indian astrology. This constellation, also, is said to bring prosperity to people.

When the pushya nakshatra falls on a Thursday, the combined effect of the Pushya constellation and Jupiter is multiplied and this co-occurence is called as guru-pushyaamRta-yoga (गुरुपुष्यामृतयोग). This generally occurs thrice a year and the forthcoming gurupushyaamRta-yoga is on 17th Nov 2011. As per the Indian shaka calendar, it is the shashthii (षष्ठी sixth) date of wadya paksha (वद्यपक्ष dark fortnight) of the kaartika (कार्तिक) month.

Religious significance:

bRhaspati is golden in color and gold also indicates prosperity, hence purchasing Gold on the day of guru-pushyamRta-yoga is considered to be an indication of influx of wealth and prosperity. Goddess Laxmii, the deity of wealth is also offered special worships puujaa and prayers on this day. Some people also consider this to be an auspicious occasion for entering new homes.

Let us offer our praise to Lord bRhaspati through the following verse, which is extracted from the well known nava-garaha-stotram composed by sage wyaasa.