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U.S. stocks up

July 17, 2013

Stocks edge up as Bernanke reassures on stimulus

Dow Jones

 

Summary:

  • Bernanke said that the U.S. central bank had no firm timetable for cutting back on its bond purchases. The Fed would consider reducing its stimulus program if the economy improves, but Bernanke emphasized in his testimony to Congress that the reductions were “by no means on a preset course.”
  • Which he meant that he doesn’t plan on winding down the stimulus program anytime soon, which was good news for investors. (The central bank is currently buying $85 billion of bonds a month to keep interest rates low and encourage borrowing.)
  • Higher earnings for several major companies also helped.
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