03 Feb '11, 10pm

Bernanke's comments on economy push US stocks up

Bernanke's comments on economy push US stocks up

NEW YORK - US stock markets finished higher Thursday after US Federal Reserve chairman Ben Bernanke said the economic recovery was gaining pace. After spending most of the day in negative territory, in part reflecting worries over the turmoil in Egypt, the main indexes all managed gains. The Dow Jones Industrial Average closed up 20.29 points (0.17 percent) at 12,062.26. The broad-based S&P 500 rose 3.07 points (0.24 percent) to 1,307.10. The tech-heavy Nasdaq increased 4.32 points (0.16 percent) to 2,753.88. Investors appeared to grab onto Bernanke's most positive comments on the economy and the Fed's stimulus program. Citing improvements in consumer spending, the jobs market, a healthier financial sector, more bank loans and the Fed's own policies, Bernanke said Americans could expect to see "a more rapid pace of economic recovery in 2011 than we saw last year." There is...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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