Bernanke Moves The Market Up Rosy Recovery Predictionion
DJIA 9,505.96 +155.91 +1.67 Investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year. The Dow Jones industrials shot up 155 points Friday, closing above 9,500 for the first time since Nov. 4, and all the big indexes finished with gains of more than 1.5 percent. Meanwhile, Treasury prices tumbled, pushing yields sharply higher, as investors no longer felt they needed the safety of government debt. The stock market's gains were broad, reaching across all industries, but the biggest jumps came from energy, industrial and material stocks as oil and commodities prices soared. Bank stocks also rose sharply. "The prospects for a return to growth in the near term appear good," Bernanke said at an annual Fed conference in Wyoming. He did warn, however, that lending is not back to normal, and that the difficulty consumers and businesses are having obtaining loans will be a ch...
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