Fed Remarks Help US Stocks to Third Monthly Gain
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Hemera/Thinkstock(NEW YORK) — The markets head into the long Labor Day weekend recovering some of their losses from Thursday. A statement by Federal Reserve chairman Ben Bernanke likely gave the indexes a boost to end the week.
Advancing for the third straight month, the Dow closed up 90 points at 13,090.84 on Friday. The Nasdaq gained 18 points to close at 3,066.96, and the S&P jumped 7.1 points to 1,406.58.
The markets will be closed on Monday and reopen on Tuesday.
Bernanke says the central bank can do more to help the economy. He told a Fed conference in Jackson Hole, Wyo. Friday that continued high unemployment and a slow economic recovery are becoming more unacceptable and that the Fed “will provide additional policy accommodation as needed.”
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