Bernanke calls for market recovery

New hopes for old markets

In brief: The stock markets are on the way to gradual recovery. The FED meeting is of prime importance to investors.

The previous week has finished with growth for the U.S. stock market, owing to B. Bernanke’s speech. The FED chairman has assured the markets of continued financial support of the U.S. economy.

“Bernanke struck the right tone to say, ‘We know things have been weaker than expected, but we still think we’re going to get through this,’” stated Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors. “Even though the news is bad, the bad news is already in the valuation. Obviously business isn’t going great there, but the stock is so cheap this doesn’t matter,” said Wedbush managing director Morgan Stephen Massocca. The BKX index grew to 44.19 gaining 2.53%. Bank of America shares grew by 1.36%, Wells Fargo & Cо. – by 2.17%, Citigroup – by 2.73%, Morgan Stanley – by 1.62%. Yesterday DJIA share indices grew by 10,150.65 (+1.65%), S&P 500 – by 1,064.59 (+1.66%), NASDAQ Comp. – by 2,153.63 (+1.65%. The expanded futures for S&P 500 rose by +0.08% to 1,064.75 points ahead of the U.S trading session. The U.S markets will open with a neutral start.

Igor Tringlers
2010-08-30 17:25, Economics.

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