Hopes for another Fed rescue drive 3 percent rally on Wall St
(Reuters)
<p>NEW YORK (Reuters) -Stocks shot 3 percent higher on Tuesday on speculation Federal Reserve Chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end.</p> <p> Weak data in housing and regional factory activity triggered the latest round of bets that Bernanke will act, even though the Fed’s options appear limited. Bernanke speaks to a central bank conference on Friday in Jackson Hole, Wyoming.</p> <p> “I don’t think anybody wants to be too short or negative in front of Bernanke’s speech,” said Jim Awad, managing director at Zephyr Management in New York.</p> <p> The Dow Jones industrial average was up 322.11 points, or 2.97 percent, at 11,176.76. The Standard & Poor’s 500 Index was up 38.53 points, or 3.43 percent, at 1,162.35. The Nasdaq Composite Index was up 100.68 points, or 4.29 percent, at 2,446.06.</p> <p> Technology and other growth stocks drove much of the gains, with the Nasdaq rising more than 4 percent.
Hopes for another Fed rescue drive 3 percent rally on Wall St
(Reuters) <p>NEW YORK (Reuters) -Stocks shot 3 percent higher on Tuesday on speculation Federal Reserve Chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end.</p> <p> Weak data in housing and regional factory activity triggered the latest round of bets that Bernanke will act, even though the Fed’s options appear limited. Bernanke speaks to a central bank conference on Friday in Jackson Hole, Wyoming.</p> <p> “I don’t think anybody wants to be too short or negative in front of Bernanke’s speech,” said Jim Awad, managing director at Zephyr Management in New York.</p> <p> The Dow Jones industrial average was up 322.11 points, or 2.97 percent, at 11,176.76. The Standard & Poor’s 500 Index was up 38.53 points, or 3.43 percent, at 1,162.35. The Nasdaq Composite Index was up 100.68 points, or 4.29 percent, at 2,446.06.</p> <p> Technology and other growth stocks drove much of the gains, with the Nasdaq rising more than 4 percent.
Hopes for another Fed rescue drive 3 percent rally on Wall St
(Reuters) <p>NEW YORK (Reuters) -Stocks shot 3 percent higher on Tuesday on speculation Federal Reserve Chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end.</p> <p> Weak data in housing and regional factory activity triggered the latest round of bets that Bernanke will act, even though the Fed’s options appear limited. Bernanke speaks to a central bank conference on Friday in Jackson Hole, Wyoming.</p> <p> “I don’t think anybody wants to be too short or negative in front of Bernanke’s speech,” said Jim Awad, managing director at Zephyr Management in New York.</p> <p> The Dow Jones industrial average was up 322.11 points, or 2.97 percent, at 11,176.76. The Standard & Poor’s 500 Index was up 38.53 points, or 3.43 percent, at 1,162.35. The Nasdaq Composite Index was up 100.68 points, or 4.29 percent, at 2,446.06.</p> <p> Technology and other growth stocks drove much of the gains, with the Nasdaq rising more than 4 percent.
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