NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks jump despite no new Fed stimulus Posted: 26 Aug 2011 06:34 PM PDT NEW YORK: US stocks closed solidly higher on Friday, shrugging off central bank chief Ben Bernanke's "no new stimulus - yet" message and locking on his statement that growth should pick up in the second half. In light trading as a hurricane began making tracks directly for the financial hub of New York, the Dow Jones Industrial Average closed up 134.72 points (1.21 percent) to 11,284.54. The broader S&P 500 added 17.53 (1.51 percent) to 1,176.80, while the tech-heavy Nasdaq Composite jumped 60.22 points (2.49 percent) to 2,479.85. "The initial reaction to the speech was negative when Bernanke proposed no new steps to boost the economy, and hinted Congress may have to help," said Scott Marcouiller of Wells Fargo Advisors.
He said the market latched onto the fact that Bernanke said the Fed would meet in September for two days, instead of the one day originally planned, to discuss its options to help the economy. Bank of America shares continued to swing wildly on rumours, a day after billionaire Warren Buffett announced he would invest $5 billion in the beleaguered banking giant. More rumours surfaced that the bank would sell part or all of its US$17 billion stake in China Construction Bank to shore up its capital base. BofA shares rose 1.4 percent to US$7.76. Apple shares were up 2.6 percent to US$383.56, as investors continued to brush off the news from Wednesday that the firm's visionary co-founder Steve Jobs, weakened by serious health problems, resigned as chief executive. -- AFP |
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