Wall Street Up, Up, and Away for Holiday Weekend

Investors thank Bush, Bernanke for gains
By Wesley Oliver,  Newser Staff
Posted Aug 31, 2007 4:42 PM CDT
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)
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(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. (Read more Ben Bernanke stories.)