Wall Street posted its first weekly gains in more than a month on Friday as Fed Chairman Ben Bernanke raised hopes for more stimulus for The economy at its September meeting. The Dow Jones industrial average was up 134.64 points, or 1.21 percent, at 11,284.46, according the latest available figures. The Standard & Poor''s 500 Index was up 17.50 points, or 1.51 percent, at 1,176.77.
The Nasdaq Composite Index was up 60.22 points, or 2.49 percent, at 2,479.85. For the week, the Dow rose 4.3 percent while the S&P added 4.7 percent and the Nasdaq climbed 5.9 percent. Gold rose 2 percent on Friday after days of liquidation pushed bullion down from record highs this week, as the US Federal Reserve chairman raised hopes that the central bank could consider further stimulus measures to fight high unemployment.
Gold fell briefly after Fed Chairman Ben Bernanke did not provide details on steps the central bank could take, but it rose as investors focused on the Fed''s pessimistic economic outlook and its intention to consider what more it could do at an extended policy meeting in September.
Analysts said gold''s long-term bull run was intact despite this week''s 3 percent pullback. Lingering fears about a European debt crisis amid new troubles facing Greece underpinned gold''s safe-haven appeal. Spot gold was up 2.2 percent at $1,808.60 an ounce by 2:28 PM EDT (1828 GMT). But gold was still set for its first weekly loss in eight weeks after days of profit taking on its surge to record highs at $1,911.46 on Tuesday.
Prices slid more than $200 from that level by Thursday in volatile trading. US gold futures for December delivery settled up $34.10 an ounce at $1,797.30. Trading volume was lighter than the last three sessions, when turnover hit a new record in volatile trade. Silver was up 0.5 percent at $41.19 an ounce. Among platinum group metals, spot platinum was up 0.7 percent at $1,824.74 an ounce, and palladium was up 1.3 percent at $756.72.
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