Stocks Volatile After Bernanke's Speech
Bernanke was speaking at the annual Federal Reserve conference in Wyoming.
Investors have been watching to see whether the Fed will buy more bonds to lower long-term interest rates. Bernanke said the Fed “should not rule out” new policies to improve the job market, but stopped short of committing the Fed to any specific move, according to Times-Sandard.
Stocks had been up strongly in the morning and briefly gave up their gains, then rebounded. At one point, reports Times-Standard, the Dow was up as many as 151 points.
Frank Fantozzi, CEO of Planned Financial Services in Cleveland said Bernanke “was a primary reason for the markets being as volatile as they are today.”
Bernanke’s comments received a more uniformed reception in energy markets. Oil prices jumped $1.56 to $96.18 per barrel on the New York Mercantile Exchange. Natural gas, heating oil and wholesale gasoline prices all rose more than one percent.