Good Bernanke News Gives Wall Street a Boost
Well, it’s good news for Mr. Bernanke, at least: The U.S. stock market did better Monday than it had in the last three days of trading, thanks in part to signs that Federal Reserve Chairman Ben Bernanke’s support in the Senate appeared solid. The sunny quarterly report from Apple Inc. — coming just days before the company was expected to make a major announcement — also helped reverse last week’s slide. –KA
WAIT, BEFORE YOU GO…
Reuters via Google News:
U.S. lawmakers looked likely to approve Bernanke’s nomination after the White House defended his record fighting the financial crisis in an effort to rally votes. […]
“(Bernanke) is clearly what prompted it,” said Stephen Massocca, managing director at Wedbush Morgan in San Francisco, referring to the stock market’s recovery. “Coupled with the fact we were 600 points down in a straight line, we were due for a bounce.”
Massocca said private counts of Bernanke’s support showed well more than a majority of senators would vote for confirmation.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.