U.S. stocks climbed Monday, sending the S&P 500 Index to a close above 1,200 for the first time in two weeks, on relief that damage from Hurricane Irene wasn’t more severe and that Fed Chairman Ben Bernanke did not see an immediate need for a third round of quantitative easing.
Bernanke “was perfect in not discussing QE3; that kind of soothed the markets into thinking, ‘Well, maybe we’re not going into recession,’” said Jeffrey Saut, chief investment strategist at Raymond James & Associates, of the Federal Reserve chief’s address to a gathering of central bankers from around the world Friday.
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Bernanke “was perfect in not discussing QE3; that kind of soothed the markets into thinking, ‘Well, maybe we’re not going into recession,’” said Jeffrey Saut, chief investment strategist at Raymond James & Associates, of the Federal Reserve chief’s address to a gathering of central bankers from around the world Friday.
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Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,539.25 |
|---|---|
| Trade Time: | 4:03PM EDT |
| Change: |  254.71 (2.26%) |
| Prev Close: | 11,284.54 |
|---|---|
| Open: | 11,286.65 |
| Day's Range: | 11,286.58 -11,541.78 |
| 52wk Range: | 9,915.73 -12,928.50 |
