Stocks gain ground after Federal Reserve Chairman Bernanke says the U.S. is headed for long-term growth; Dow rises 135, closes at 11,285, was up 4.3% for the week
August 26, 2011
– Stocks are closing higher after Federal Reserve Chairman Ben Bernanke said the U.S. is headed for long-term economic growth.
Bernanke did not announce any new economic stimulus measures during his speech, as some investors had hoped. He left open the possibility of more action if another recession seems likely.
The Dow rose 135, or 1.2 percent, to 11,285. It was up 4.3 percent for the week after being down the past four.
The S&P 500 rose 1.5 percent to 1,177. The Nasdaq rose 2.5 percent to 2,480.
Five stocks rose for every one that fell on the New York Stock Exchange.
Volume was relatively light at 4.2 billion as many traders left the New York area ahead of Hurricane Irene. Markets are expected to be open Monday.
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