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Stocks Shake Before Fed Speech

Wall Street awaits Bernanke's priorities in Friday address

By Caroline Zimmerman,  Newser User

Posted Aug 30, 2007 4:31 PM CDT
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(Newser) – Technology shares are still on the rebound, but the credit market continues to shake other stocks as traders await Ben Bernanke's speech on Friday. The tech-heavy NASDAQ gained 2.14 today, to close at 2565.30. But the Dow slipped 50.56 to 13238.73, and the S&P 500 fell 6.12 to 1457.64.

Volume was light, but it's a routine lull in the days leading up to a long weekend. The VIX was high, and analysts say things won't calm down until Bernanke reveals more about the Fed's priorities in his annual speech. But,as one trader says, "anybody with brains wouldn't do anything at all."

An equities trader monitors share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge tumble. (AP Photo/John Marshall Mantel)
An equities trader monitors share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's...   (Associated Press)
Equity traders monitor share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge tumble. (AP Photo/John Marshall Mantel)
Equity traders monitor share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge...   (Associated Press)
Charles McGrath watches the early numbers from the floor of the New York Stock Exchange, Tuesday, Aug. 28, 2007, in New York. Wall Street extended its retreat as investors cautiously awaited minutes from the Federal Reserve's last meeting that could provide insight into whether it may cut rates. The Dow...
Charles McGrath watches the early numbers from the floor of the New York Stock Exchange, Tuesday, Aug. 28, 2007, in New York. Wall Street extended its retreat as investors cautiously awaited minutes from...   (Associated Press)
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Ben Bernanke • NASDAQ • Federal Reserve • credit market • interest rate • credit crisis • Dow • S&P 500

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