US stocks jump despite no new Fed stimulus
NEW YORK: US stocks closed solidly higher Friday, shrugging off central bank chief Ben Bernanke's "no new stimulus-yet" message and locking on his statement that growth should pick up in the second half.
In light trading as a hurricane began making tracks directly for the financial hub of New York, the Dow Jones Industrial Average gained 133.88 points (1.20 percent) to 11,283.70 in closing trade.
The broader S&P 500 added 17.31 (1.49 percent) to 1,176.58, while the tech-heavy Nasdaq Composite jumped 60.12 points (2.48 percent) to 2,479.75.
"The initial reaction to the speech was negative when Bernanke proposed no new steps to boost the economy, and hinted Congress may have to help," said Scott Marcouiller of Wells Fargo Advisors.
"Investors then focused on the Fed chairman's prediction that economic growth will resume," he said.
Copyright AFP (Agence France-Presse), 2011
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