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Stocks higher, but volatile, after Bernanke speaks
Source: Agencies |
September 1, 2012, Saturday
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Online Edition
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US stocks traded higher yesterday but couldn't hang on to strong gains as investors tried to figure out what to make of comments from Federal Reserve Chairman Ben Bernanke.
Stocks had been up strongly in the morning, before Bernanke declared that the Fed is ready to take more action to help an economy that's "far from satisfactory." They briefly gave up their gains, then rebounded. At one point the Dow was up as many as 151 points.
In early afternoon trading, though, stocks were still up, though not as much. The Dow Jones industrial average was up 79 points at 13,079. The Standard & Poor's 500 index rose six points to 1,405. The Nasdaq was up 14 points to 3,062.
Investors have been watching to see whether the Fed will buy more bonds to further lower long-term interest rates, although few expected him to announce new bond-buying Friday. Bernanke said the Fed "should not rule out" new policies to improve the job market. But he stopped short of committing the Fed to any specific move.
Bernanke "was a primary reason for the markets being as volatile as they are today," said Frank Fantozzi, CEO of Planned Financial Services in Cleveland.
His comments got a more uniform reception in energy markets, which tend to rise on bullish signs for the economy. Oil prices jumped US$1.56 to US$96.18 per barrel on the New York Mercantile Exchange. Natural gas, heating oil, and wholesale gasoline prices all rose more than 1 percent.
Also yesterday, the Commerce Department said factory orders rose 2.8 percent in July on surging demand for autos and commercial planes. However, orders for core capital goods - a key measure of investment spending - dropped 4 percent. That was that figure's fourth decline in five months.
Investors seemed more focused on Bernanke's comments and the overall higher factory orders, though.
Stocks rose in nine out of 10 industry groups in the S&P 500. Utility stocks declined slightly. Energy stocks had the biggest gain, up 0.8 percent.
Stocks had been up strongly in the morning, before Bernanke declared that the Fed is ready to take more action to help an economy that's "far from satisfactory." They briefly gave up their gains, then rebounded. At one point the Dow was up as many as 151 points.
In early afternoon trading, though, stocks were still up, though not as much. The Dow Jones industrial average was up 79 points at 13,079. The Standard & Poor's 500 index rose six points to 1,405. The Nasdaq was up 14 points to 3,062.
Investors have been watching to see whether the Fed will buy more bonds to further lower long-term interest rates, although few expected him to announce new bond-buying Friday. Bernanke said the Fed "should not rule out" new policies to improve the job market. But he stopped short of committing the Fed to any specific move.
Bernanke "was a primary reason for the markets being as volatile as they are today," said Frank Fantozzi, CEO of Planned Financial Services in Cleveland.
His comments got a more uniform reception in energy markets, which tend to rise on bullish signs for the economy. Oil prices jumped US$1.56 to US$96.18 per barrel on the New York Mercantile Exchange. Natural gas, heating oil, and wholesale gasoline prices all rose more than 1 percent.
Also yesterday, the Commerce Department said factory orders rose 2.8 percent in July on surging demand for autos and commercial planes. However, orders for core capital goods - a key measure of investment spending - dropped 4 percent. That was that figure's fourth decline in five months.
Investors seemed more focused on Bernanke's comments and the overall higher factory orders, though.
Stocks rose in nine out of 10 industry groups in the S&P 500. Utility stocks declined slightly. Energy stocks had the biggest gain, up 0.8 percent.
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