Stocks Bounce on Bernanke But Finish Week Lower
NEW YORK (TheStreet) -- U.S. stocks finished with modest gains on Friday after Federal Reserve Chairman Ben Bernanke made clear he's open to another round of quantitative easing in remarks at the global economic symposium in Jackson Hole, Wyo.
Stocks wavered a bit in the immediate wake of Bernanke's speech, briefly curbed gains, then pushed to new session highs before gradually sliding back ahead of the long Labor Day weekend. The Fed chairman's words prompted more dramatic responses in other asset classes as both bonds and gold spiked higher and the U.S. dollar was weak.
The Dow Jones Industrial Average closed up 90 points, or 0.69%, at 13,091. The blue-chip index ranged roughly 150 points on the day, peaking at 13,152. It booked a 0.63% gain for August, adding a little more than 82 points, but finished down 0.51% for the week. Year-to-date, the Dow is up 7.2%.
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