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Wall Street Up, Up, and Away for Holiday Weekend

Posted Aug 31, 07 4:42 PM CDT in US,  Business 

(Newser) – On the eve of the holiday weekend, the major markets jumped today, riding encouraging comments by President Bush and Ben Bernanke to broad advances that pushed their monthly gains above 1%. The Dow, which saw 28 of 30 stocks rise, finished up 119.01 points, closing at 13,357.74. Citigroup and JP Morgan led a financial-sector rally.

The Nasdaq climbed 28.82 to close at 2,596.36, and the S&P 500 closed at 1,473.99, up 16.35. Buoyed by Bernanke’s reassuring comments, experts anticipate a rate cut next month. One analyst told Reuters that the fed chief and the president's mortgage-bailout announcement provided Wall Street with a “nice one-two punch” to help investors and homeowners.

Source MarketWatch

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Specialist Benton Bocklet works at his post on the floor of the New York Stock Exchange, Tuesday, Aug. 14, 2007. Wall Street pulled back sharply Tuesday on anxiety about the pace of consumer spending...   (Associated Press)
Richard Zboray of Van der Moolen Specialists looks at an overhead monitor from the floor of the New York Stock Exchange, Tuesday, Aug. 28, 2007, in New York. Wall Street extended its retreat as investors...   (Associated Press)
A for sale sign stands outside a modest bungalow on the market in southeast Denver on Monday, May 7, 2007. Sales of existing homes fell by a larger-than-expected amount in April while the median price...   (Associated Press)
Federal Reserve Board Chairman Ben Bernanke testifies on Capitol Hill in Washington, in this July 18, 2007 file photo, before the House Financial Services Committee. The Federal Reserve approved a half-percentage...   (Associated Press)
Dow Retreats On Subprime Fears   (Getty Images)
Dow Up On Wall Street In Early Trading   (Getty Images)
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Dow Jones • S&P 500 • Federal Reserve • Nasdaq • Wall Street • subprime mortgages • Ben Bernanke • Citigroup • stocks • JPMorgan Chase • interest rate



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