Wall Street Closes Week On Positive Note As Bernanke Gives Anticipated Speech: Acadiana Business Index
The Dow adds 135 points amidst the much anticipated speech from Federal Reserve Chairman Ben Bernanke. Mark Lasseigne fills you in on these issues and other economic news.
- Dow Jones Industrial Average added 135 points to 11,285.
Federal Reserve Chairman Ben Bernanke issued a statement from Jackson Hole, Wyoming, where members of the Fed recently wrapped up their latest meeting.
Bernanke noted again that the economic recovery has been less robust than what had been hoped, and that the Fed has no plans of making any changes to monetary policy at this time, but is prepared to employ tools as needed.
Economic news today was less than impressive.The Commerce Department reported revised down its already low estimate for second-quarter growth in gross domestic product. The economy grew by an annual rate of only 1.0% in April through June, not the 1.3% rise that was previously estimated. Additionally consumer confidence barely inches up at the end of August after plunging earlier in month.
Crude oil settled at $85.37 a barrel.
Gold prices climbed to $1,797/ounce.