Stocks Finish Higher After Bernanke Comments
NEW YORK (TheStreet) -- Stocks rebounded in late trades to finish in positive territory Thursday after Federal Reserve Chairman Ben Bernanke shrugged off concerns on inflation, indicating that the central bank will continue its quantitative easing policy.
The Dow Jones Industrial Average rose by 20 points, or 0.2% to close at 12,062 after trading in a narrow band for most of the trading session. The S&P 500 was higher by 3 points, or 0.2%, at 1307, while the Nasdaq finished ahead by 4 points, or 0.1%, at 2754.
Speaking to reporters at the National Press Club, Fed Chairman Ben Bernanke said recent economic data suggests that "a self-sustaining recovery in consumer and business spending may be taking hold" and said he expects the economy to grow at a faster pace in 2011. Bernanke minimized inflation pressures, which he said, in addition to a still-high unemployment rate, continues to justify the Fed's accommodative monetary policy and asset purchase program.
|Fed Chairman Ben Bernanke speaks at the National Press Club on Feb. 3.|
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