Bursa Alert
Global Market
NewsDJIA, Stocks Soar 182 Points, Ben Bernanke Talks Monetary Policy
Page 1 of 1
DJIA, Stocks Soar 182 Points, Ben Bernanke Talks Monetary Policy
by hlk Thu 03 Nov 2011, 08:21
The stock market is trading in positive territory after a disappointing day of trading on Tuesday. The DJIA is up 182.62 points, the NASDAQ has gained 27.53 points and the S&P 500 has added 18.80 points with under an hour to go before the closing bell.
Stocks continued to rally in the final hours of trading on Wednesday after the latest statement on monetary policy from the Federal Open Market Committee and Federal Reserve Chairman Ben Bernanke’s news conference. The Federal Reserve’s FOMC statement revealed that the Central Bank won’t mess with interest rates or introduce any new stimulus measures into the economy.
“Information received since the Federal Open Market Committee met in September indicates that economic growth strengthened somewhat in the third quarter, reflecting in part a reversal of the temporary factors that had weighed on growth earlier in the year,” the Federal Reserve said in a statement on Wednesday. The Central Bank noted that “the target rate for the federal funds” will be kept at “0 to 1/4 percent.” The Federal Reserve insisted that “the Committee…is prepared to employ tools to promote a stronger economic recovery in a context of price stability.”
During a news conference on Wednesday, Bernanke told reporters that “there has been a certain amount of bad luck and I think the volatility in financial markets associated with the European situation has been a drag on the recovery.” Bernanke added that “it’s part of the reason why the second half of 2011 was less strong.”
In other financial news, stocks were pushed higher on Wednesday by a positive national employment report from payroll processor ADP. According to the ADP report, private-sector employers added 110,000 jobs in October.
Tuesday’s dismal day on Wall Street was hastened by a threat to the European Union debt deal. Greek Prime Minister George Papandreou’s surprise announcement that he will push for a national referendum vote on the EU debt deal sent investors into panic mode
Stocks continued to rally in the final hours of trading on Wednesday after the latest statement on monetary policy from the Federal Open Market Committee and Federal Reserve Chairman Ben Bernanke’s news conference. The Federal Reserve’s FOMC statement revealed that the Central Bank won’t mess with interest rates or introduce any new stimulus measures into the economy.
“Information received since the Federal Open Market Committee met in September indicates that economic growth strengthened somewhat in the third quarter, reflecting in part a reversal of the temporary factors that had weighed on growth earlier in the year,” the Federal Reserve said in a statement on Wednesday. The Central Bank noted that “the target rate for the federal funds” will be kept at “0 to 1/4 percent.” The Federal Reserve insisted that “the Committee…is prepared to employ tools to promote a stronger economic recovery in a context of price stability.”
During a news conference on Wednesday, Bernanke told reporters that “there has been a certain amount of bad luck and I think the volatility in financial markets associated with the European situation has been a drag on the recovery.” Bernanke added that “it’s part of the reason why the second half of 2011 was less strong.”
In other financial news, stocks were pushed higher on Wednesday by a positive national employment report from payroll processor ADP. According to the ADP report, private-sector employers added 110,000 jobs in October.
Tuesday’s dismal day on Wall Street was hastened by a threat to the European Union debt deal. Greek Prime Minister George Papandreou’s surprise announcement that he will push for a national referendum vote on the EU debt deal sent investors into panic mode
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics» DJIA, stocks jump 379 points as Ben Bernanke, Fed announce liquidity plan
» Hot Stocks Banking shares mixed, ringgit firmer ahead of Bank Negara monetary policy meeting tomorrow
» Bank Negara Malaysia Report Monetary policy "not the best policy tool" to manage inflation
» Bank of Japan may ease monetary policy again
» Malaysia sees need for easier monetary policy
» Hot Stocks Banking shares mixed, ringgit firmer ahead of Bank Negara monetary policy meeting tomorrow
» Bank Negara Malaysia Report Monetary policy "not the best policy tool" to manage inflation
» Bank of Japan may ease monetary policy again
» Malaysia sees need for easier monetary policy
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|