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Markets close higher on Bernanke speech

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Markets close higher on Bernanke speech Empty Markets close higher on Bernanke speech

Post by lexie Fri Aug 26, 2011 8:58 pm

Aug. 26, 2011 at 5:41 PM




Markets close higher on Bernanke speech



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. By close of trading, the Dow Jones industrial average added 134.72 points, 1.21 percent, to 11,284.54. The Standard & Poor's 500 index added 17.53 points or 1.51 percent to 1,176.80. The Nasdaq composite index of tech-dominated stock surged, adding 60.22 points or 2.49 percent to 2,479.85.

On the New York Stock Exchange, 2,545 stocks advanced and 508 declined on a volume of 4 billion shares traded.

The benchmark 10-year treasury note rose 11/32 to yield 2.197 percent.

The euro rose to $1.4493 from Thursday's $1.4379. Against the yen, the dollar fell to 76.63 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.



Read more: http://www.upi.com/Business_News/2011/08/26/Markets-close-higher-on-Bernanke-speech/UPI-10731314371557/#ixzz1WBcx6QBM





lexie
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