The Dow closed up +90.13 (+0.69%) at 13,090.84.
I’m so glad we did the Bernanke Bounce today, as I really didn’t want to sell, but would have with a close below 13,000.
For the week, DJIA was down -0.5%, Nasdaq -0.1%, S&P 500 -0.3% and Russell 2000 +0.4%%.
Year-to-date, DJIA is up +7.1%, Nasdaq +17.7%, S&P 500 +11.8% and Russell 2000 +9.6%.
August was a slow, low volume month, culminating with the Bernanke speech at “The Hole”. Bernanke said the Fed is still willing to take whatever action is necessary to prop up the economy, leaving the door open to a third round of asset purchases known as quantitative easing and would be QE3
Bernanke also defended the Fed’s previous two rounds of stimulus measures, saying they created 2 million jobs and supported stock prices.
Next week, Europe is back into sharp focus, with the European Central Bank meeting Thursday. Then on Friday, investors will get the latest monthly jobs report.
The Chicago Purchasing Managers’ Index slipped to 53 in August, down from 53.7 in July. That was lower than the reading of 53.8 that analysts had expected.
The University of Michigan’s final version of its Consumer Sentiment Index for August edged up to 74.3 from the 73.6 in the prior month.
The Census Bureau reported July factory orders jumped 2.8% following a decline of 0.5% in June.
Bet you’d never guess this, Facebook (FB) shares fell to another all-time low today,
The dollar was down against the euro, British pound and Japanese yen.
Oil for October delivery gained $1.85 to settle at $96.47 a barrel.
Gold futures for December delivery jumped $30.50 to $1,687.60 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.56% from 1.65% late Thursday.