MW: Pixie dust talk from Bernanke boosts shares, gold, yields
U.S. stocks popped Wednesday as Fed Chairman Ben Bernanke began testifying before Congress.
The Fed chairman indicated the central bank is examining several untested means to stimulate growth if conditions deteriorate, including another round of asset purchases.
The Dow Industrials DJIA rose as much as 134 points, after the prepared testimony was released.
Caterpillar, GE, and Alcoa were among the Dow stocks gaining in recent action.
CAT Caterpillar Inc. 109.4 2.47 2.31%
GE General Electric Co. 18.75 0.37 2.01%
AA Alcoa Inc. 15.97 0.26 1.65%
MRK Merck & Co Inc 36.11 0.48 1.33%
BA Boeing Co. 72.89 0.96 1.33%
Gold prices GC1Q also rose, adding $2 to $1,582 an ounce in recent action.
The comments weighed on treasuries, boosting yields on 10-year notes to 2.93% from 2.9% earlier.
The U.S. economic engine may be flooded, but apparently that’s no reason not to step on the gas.
