Bernanke and China lift U.S. stocks?

Image via Wikipediaauthor: Erlangga Djumena 
MAKE MONEY BLOG$; NEW YORK,  U.S. stocks rose on Wednesday (14/07/2011) local time after China reported a robust growth in the second quarter and Federal Reserve Chairman Ben Bernanke said further stimulus may be needed to improve the ailing U.S.recovery.


The Dow Jones Industrial Average rose 44.73 points (0.36percent) to close at 12491.61. S & P 500 rose 4.08 points (0.31percent) to 1317.72, while the technology-heavy Nasdaqcomposite index rose 15.01 points (0.54 percent) to close at2796.92.

Stocks got a boost early after Beijing reported that gross domesticproduct (GDP) of China grew 9.5 percent in the second quarter,slower than the previous quarter but still beat analysts' expectations.

Bernanke triggered a bullish sentiment on Wall Street when he told the U.S. Congress that the Fed is ready to renew efforts to stimulusif the economy remains weak.

All three major stock market indexes jumped more than 1 U.S. centprofit before peeling them in late afternoon trading.

Caterpillar, a manufacturer of mining and construction equipmentwhose stock is seen as determining the direction of the economy,rose 1.6 percent. Energy stocks also rallied, with ExxonMobil andChevron rose 0.7 percent at the closing bell.

News Corp shares rose 3.8 percent on Nasdaq after RupertMurdoch's media empire left the bid for BSkyB satellite televisionin Britain after phone tapping scandal rocked the tabloidnewspaper company. However, shares of News Corp. remained depressed, lost more than 10 percent of its value in little more thana week.
source: kompas.com

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