All three primary stock indices ended the week on a positive note and reached
positive ground for the week as a whole. Federal Reserve Chairman said today in
Jackson Hole that the Feds will do all they can do to help support the fledgling
U.S. economy. Many investors on Wall Street were hoping for a bit more from the
Chairman and were not completely satisfied to hear that no specific QE3 was
scheduled. Sentiment overall however was positive enough to lift the indices to
positive ground for the session. Specifically, the chairman reported that the
Federal Reserve will do all that it can to restore high rates of growth and
employment, for the U.S. economy. Indices dropped a bit initially due to the
ambiguity of the statement but made their way back to green by days end.
Bernanke stated that more time and further discussion would need to happen so
that the government could comprehensively attack the issues and get the economy
moving forward at an acceptable pace again. The dollar dropped lower to the
euro, Japanese yen and British pound today. Oil per barrel fell back and gold
futures moved higher. As close was finalizing in the market today, the DJIA was
green by 1.21 percent closing at 11,284.54. Gold for December delivery moved
higher by 1.93 percent to 1,797.30 per troy ounce. Silver moved higher by .51
percent to 40.95 per troy ounce. The Nasdaq was green by 2.49 percent at 2,480
and the S&P 500 was green by 1.51 percent at 1,177. Frank Matto
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