US STOCKS-Indexes cut gains on Bernanke, await Bush 31 Aug 2007 22:16
US STOCKS-Indexes cut gains on Bernanke, await Bush 31 Aug 2007 22:16
(Updates with reaction to Bernanke's speech)
NEW YORK, Aug 31 (Reuters) - U.S. stocks cut gains on Friday after Federal Reserve Chairman Ben Bernanke said it was not the central bank's job to bail out lenders and investors and offered no clear clues about the outlook for interest rates.
But major stock indexes stayed in positive territory on investor hopes that President Bush would unveil a plan to alleviate the subprime mortgage crisis and loosen credit conditions that have rattled financial markets.
The Dow Jones industrial average <.DJI> was up 77.71 points, or 0.59 percent, at 13,316.44. The Standard & Poor's 500 Index <.SPX> was up 11.45 points, or 0.79 percent, at 1,469.09. The Nasdaq Composite Index <.IXIC> was up 20.45 points, or 0.80 percent, at 2,585.75. ((Reporting by Ellis Mnyandu
Editing by Kenneth Barry
rm://ellis.mnyandu.reuters.com@reuters.net
e-mail: ellis.mnyandu@reuters.com
Telephone: + 1 646-223-6085)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com)) Keywords: MARKETS STOCKS
(Updates with reaction to Bernanke's speech)
NEW YORK, Aug 31 (Reuters) - U.S. stocks cut gains on Friday after Federal Reserve Chairman Ben Bernanke said it was not the central bank's job to bail out lenders and investors and offered no clear clues about the outlook for interest rates.
But major stock indexes stayed in positive territory on investor hopes that President Bush would unveil a plan to alleviate the subprime mortgage crisis and loosen credit conditions that have rattled financial markets.
The Dow Jones industrial average <.DJI> was up 77.71 points, or 0.59 percent, at 13,316.44. The Standard & Poor's 500 Index <.SPX> was up 11.45 points, or 0.79 percent, at 1,469.09. The Nasdaq Composite Index <.IXIC> was up 20.45 points, or 0.80 percent, at 2,585.75. ((Reporting by Ellis Mnyandu
Editing by Kenneth Barry
rm://ellis.mnyandu.reuters.com@reuters.net
e-mail: ellis.mnyandu@reuters.com
Telephone: + 1 646-223-6085)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com)) Keywords: MARKETS STOCKS
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