Stocks rebound as investors digest Bernanke speech _ Stimulate commodities? August 26, 2011
Posted by Marlowe Cassetti in Blogroll.trackback
Wall Street stocks rebounded on Friday as investors digested Federal Reserve Chairman Ben Bernanke’s remarks about the economy and regained hope the door was still open for more monetary stimulus down the road.
Major indexes turned positive after initially extending losses as Bernanke failed to offer any concrete action for monetary easing in a speech at a central bank conference in Jackson Hole, Wyoming.
The Dow Jones industrial average .DJI ended up 134.72 points, or 1.21 percent, at 11,284.54. The Standard & Poor’s 500 Index .SPX was up 17.53 points, or 1.51 percent, at 1,176.80. The Nasdaq Composite Index .IXIC was up 60.22 points, or 2.49 percent, at 2,479.85. (commentary & photo courtesy of Reuters)
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Monetary stimulus from the Federal Reserve will most likely stimulate commodity prices. Last year many gold investors sent Fed Chair Bernanke Christmas cards to thank him for his contribution to their wealth. Will we see that again? We shall see as 2011 unfolds.
The RSI portfolio has a great day today as the non cash portion gained 1.5% to end a good week. Cash reserves still garner a large 48% portion of the portfolio.
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After the market close there were no RSI signals. Have a great weekend.
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