Markets Mixed On Bernanke Speech
August 26, 2011 by UPI - United Press International, Inc.
NEW YORK, Aug. 26 (UPI) — U.S. markets posted solid gains Friday after Federal Reserve Chairman Ben Bernanke said the central bank was in a wait-and-see mode concerning economic policy.
Bernanke declined to announce a third round of quantitative easing, a program of buying securities that is also known as printing money, but did say the next Fed meeting would be two days instead of one to discuss options.
Markets opened lower, but turned higher. In afternoon trading, the Dow Jones industrial average adding 126.05 points, 1.13 percent, to 11,275.90. The Standard & Poor’s 500 index added 16.72 points or 1.44 percent to 1,175.99. The Nasdaq composite index of tech-dominated stock surged, adding 59.00 points or 2.44 percent to 2,478.63.
The benchmark 10-year treasury note rose 12/32 to yield 2.2 percent.
The euro rose to $1.449 from Thursday’s $1.4379. Against the yen, the dollar fell to 76.701 yen from Thursday’s 77.46 yen.
Across Asia and Europe, stocks were mostly lower, down 0.12 percent in China and 1.84 percent in India. In Europe, stock indexes were about 1 percent lower in France and 0.84 percent lower Germany.
In Tokyo, the Nikkei 225 index was higher, adding 25.42 points, 0.29 percent, to 8,797.78.
In London, the FTSE 100 index was flat, dropping 0.02 percent, 1.18, to 5,129.92.