Stocks open new quarter with solid gain
October 1, 2012 Leave a Comment
Stocks rallied this morning leading up to comments by Ben Bernanke, but his speech did little to push markets forward, with Todd Schoenberger, BlackBay Group; Paul Schatz, Heritage Capital; and John Spallanzani, GFI Group.
Updated at 4:02 p.m. ET: Stocks rose Monday, lifted by stronger-than-expected expansion in U.S. manufacturing last month, although the major U.S. stock indexes slipped off session highs after the Federal Reserve chairman’s remarks.
The indexes trimmed earlier gains and the Nasdaq turned negative as Fed Chairman Ben Bernanke defended the U.S. central bank and its ultra-loose monetary policy as it aims to reduce unemployment.
But the market’s gain on the first day of the final quarter of 2012 comes after stocks closed a strong third quarter, helped by stimulative measures from the Federal Reserve and the European Central Bank. The S&P 500 finished the quarter up 5.8 percent, its best third quarter since 2010.