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.