Comments From Fed Chairman Ben Bernanke Lead Gains On Wall Street – Acadiana Business Index

Wall Street ended the week on a high note, thanks to comments from Fed Chairman Bernanke. Mike Hunter has your stock market report on the Acadiana Business Index.

• The Dow gained 90 points to 13090. The S&P 500 ended with a 7 point gain at 1406. The NASDAQ added 18 points to close at 3066. The major averages advanced on Friday after Fed Chairman Bernanke reiterated in his speech in Jackson Hole that the central bank remains prepared to take measures to help the economy as needed.

• Material and energy stocks advanced following gains in commodity prices. Freeport McMoRan was up $1.42 to $36.11. Chevron rose $1.23 to $112.16. In the technology sector, Intel gained 56 cents to $24.83 while Apple added $1.12 to $665.03. Utilities were the worst performing sector. Shares of Exelon fell 14 cents to $36.45.

• Advancing issues beat decliners by 19-8 on the NYSE and 5-3 on the NASDAQ. NYSE Composite volume totaled more than 2.8 billion shares. The 10-year note was up 21/32 to yield 1.55%.

• Despite Friday’s gain the major averages finished the week lower. The Dow declined 0.5%. The S&P 500 retreated 0.3% while the NASDAQ fell 0.1%. For the month of August, the Dow gained 0.6%, the S&P 500 increased 2.0% and the NASDAQ rose 4.3%.