Stocks Pare Gains but Still Higher; FB Falls 4%
August 31, 2012 Leave a Comment
Stocks pared gains but were still modestly higher in choppy trading Friday after Fed Chairman Bernanke did not explicitly signal any monetary easing was imminent, but reiterated his promise that the central bank stands ready to act.
Stocks took a sharp drop to turn mixed immediately following the release of Bernanke’s speech, but quickly bounced back.
The Dow Jones Industrial Average was higher, led by Intel [INTC 24.73 
0.46 (+1.9%) 
]. The blue-chip index finished right at the psychologically-important 13,000 level in the previous session. (Read More: Expect Big Drop if Dow Fails to Break 13,317—Chartist)
The S&P 500 and the Nasdaq also gained. The CBOE Volatility Index, widely considered the best gauge of fear in the market, traded near 17.
All key S&P sectors were higher, led by energy and materials.
Despite the session’s rally, all three major averages are poised to log losses for the week, but still on track to finishing higher for the month.Read More
About Todd Butterfield - (CEO, President) The BlackBay Group