US STOCKS-Wall St extends gains after Bernanke comments
Fri Aug 22, 2008 10:18am EDT
(Updates with reaction to Bernanke comments)
NEW YORK, Aug 22 (Reuters) - U.S. stocks added to gains on Friday after Federal Reserve Chairman Ben Bernanke said the recent decline in commodity prices and stabilization of the U.S. dollar were encouraging. For details, see [ID:nWEQ000126].
The Dow Jones industrial average .DJI rose 143.30 points, or 1.25 percent, to 11,573.51. The Standard & Poor's 500 Index .SPX shot up 11.82 points, or 0.93 percent, to 1,289.54. The Nasdaq Composite Index
.IXIC climbed 24.66 points, or 1.04 percent, to 2,405.04.
The market was already broadly higher before Bernanke's speech at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming.
Expectations of an investment in U.S. bank Lehman Brothers (LEH.N:
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Shares of No. 3 U.S. bank, JPMorgan (JPM.N:
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A decline in oil prices boosted shares of big manufacturers, including United Technologies (UTX.N:
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Stock Buzz) , airlines and consumer-oriented companies. Shares of major technology companies were another standout. United Tech was up 1.8 percent to $65.38. (Reporting by Ellis Mnyandu; Editing by Kenneth Barry)
