This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Markets Close Higher as Bernanke Signals Support

NEW YORK ( TheStreet) -- U.S. stocks closed higher Friday as Federal Reserve Chairman Ben Bernanke signaled a continuation of monetary support for a U.S. economic recovery.

The S&P 500 tacked on 0.43% to 1,633.70, and gained 1.19% for the week.

"It just doesn't seem like a market that wants to lie over and play dead," said Marty Leclerc, chief investment officer at Barrack Yard Advisors. "Clearly we're closer to the end of something than the beginning of something but how long this end-phase can last is anyone's guess."

Bernanke, in a speech this morning at a Federal Reserve Bank of Chicago-sponsored conference, said the Fed is closely monitoring the asset markets for any instances of "reaching for yield" and other forms of excessive risk-taking that could destabilize asset prices and that it continues to watch out for remaining vulnerabilities in the shadow banking sector.

Commodities dropped as the dollar strengthened to a four-year-high. June crude oil contracts closed down 35 cents to $96.04 a barrel and gold futures plunged $32 to settle at $1,436.60 an ounce.

"The strong dollar is going to give the market a bit of a bit of indigestion," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "The stronger dollar is weighing on risk. We're not at levels where we have to worry about exports falling apart, but certainly as the dollar gets stronger, it is a bit of negative on the market."

The U.S. dollar index was up ahead by 0.58% to $83.17 in afternoon trades and booked a four-year high against the Japanese yen as the currency breached the 100 yen to U.S. dollar mark for the first time since April 2009 as investors became more optimistic about the U.S. economy after strong reports on the U.S. labor market.

The Dow Jones Industrial Average was up 0.2% to 15,118.49. The blue-chip index added 1% for the week. The Nasdaq closed up 0.8% to 3,436.58. The tech-heavy index jumped 1.7% for the week.

Actavis (ACT) was the top performing stock on the S&P after the generic drug maker said it was in early discussions to buy Warner Chilcott, according to a Bloomberg report. Shares of the company jumped 12% to $119.86.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs