Equities Roundup: Markets Satisfied Despite Bernanke Not Saying Much

Equities Editors Desk |

Ben Bernanke FedFederal Reserve Chairman Ben Bernanke did not unveil much about the Fed's plans of easing the market and boosting the economy. That didn't stop Wall Street's move higher today, though. Investors have been on the edge of their seats, hoping Bernanke and the Fed would give some sign that a new round of easing or asset purchases was underway. What they got today was a rain check until the next Federal Open Market Committee meeting in September, although Bernanke did put the onus on Congress and the White House to increase jobs and improve the current process for financial decisions. The bright side for bulls was that Bernanke said the Fed still has a range of options it has yet to utilize, perhaps quelling fears that the U.S. central bank had long ago run out of bullets to battle a flagging economy that many think is on the verge of entering another recession. Yesterday, the market was dominated by news that Steve Jobs had stepped down as the CEO of Apple (AAPL), with many investors speculating that the stock price would plummet. Turns out, Apple shares ended up just fine and are actually up 2 percent so far today. Oil prices slipped slightly lower today, and gold prices are building momentum to retake $1,800 an ounce.



Major U.S. Stock Indices

DJIA: 11,308.07 (+1.42 percent)
S&P 500: 1,179.28 (+1.73 percent)
NASDAQ: 2,479.62 (+2.48 percent)
Russell 2000: 690.11 (+2.33 percent)

In other news:

  • Just a few days after a rare 5.8 magnitude earthquake, east coasters now have to deal with Hurricane Irene, which could cause long-term power outages for millions of Americans. [Marketwatch]
  • Three weeks after the U.S. credit downgrade, Standard & Poor's is still catching heat for their decision and even some blame for the current market weakness. [Bloomberg]
  • Despite denying over the past few months that it needed to raise capital to stay alive, Bank of America (BAC) certainly has raised a lot of capital recently. [CNBC]
  • Speaking of BofA, one day into his hefty investment and Warren Buffett has already netted over a cool $1.3 billion on his $5 billion bet. [Fortune]
  • Bailing out Greece: The problem that just won't go away. [WSJ]

Check back as more news develops.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
TM Toyota Motor Corporation 123.93 -0.52 -0.42 89,722 Trade
AAPL Apple Inc. 172.67 3.30 1.95 35,273,759 Trade
BAC Bank of America Corporation 28.94 -0.11 -0.38 54,001,895 Trade

Comments

Emerging Growth

WRIT Media Group Inc

WRIT Media Group Inc produces films, television programs and similar entertainment programs for various media formats.

Private Markets

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.