Federal Reserve Chairman Ben Bernanke said interest rates can stay low for a while. U.S. Stock made gains on Thursday, with the Dow, S&P 500 and NASDAQ hitting 18-month highs following Best Buy and Qualcomm issued positive profit forecasts and For More information regarding the “MET", make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Wall Street makes gains Thursday, with the Dow, S&P 500 and NASDAQ hitting 18-month highs after Best Buy and Qualcomm issued upbeat profit forecasts and Federal Reserve Chairman Ben Bernanke said interest rates can stay low for a while.
The Dow Jones industrial average (INDU) added 62 points, or 0.6%, with roughly 90 minutes left in the session. Earlier, it had risen as much as 119 points, to within 46 points of 11,000 before giving back some of those gains. The S&P 500 index (SPX) gained 5 points, or 0.4%. The NASDAQ composite (COMP) rose 15 points, or 0.7%.
Ben Bernanke spoke before a House committee Thursday stating that record-low rates are still needed to keep the economy chugging along. Bernanke was speaking before the House Financial Services Committee as part of a hearing on how the Fed plans to withdraw the emergency funding programs put in place at the height of the financial crisis.
He said that a still sprouting economic recovery, a persistently high unemployment rate and little in the way of inflationary pressure means the Fed has some breathing room when it comes to interest rates. He said higher rates will be needed at some point in the future, but not in the near term.
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