Stocks jump as Bernanke says economy near recovery

Source: Sara Lepro, AP Business Writer

Stocks jump as Bernanke says economy near recovery

NEW YORK (AP) -- Federal Reserve Chairman Ben Bernanke has told investors what they wanted to hear: The economy is indeed on the verge of recovery.

Major stock indicators surged more than 1 percent in midday trading Friday, hitting new intraday highs for the year. The Dow Jones industrial average briefly surpassed the 9,500 mark, a level it hasn't seen since November 5.

Meanwhile, Treasury prices tumbled, pushing yields sharply higher, as investors no longer needed the safety of government debt.

"The prospects for a return to growth in the near term appear good," Bernanke said at an annual Fed conference in Wyoming. He did warn, however, that lending is not back to normal, and that the difficulty consumers and businesses are having obtaining loans will be a challenge.



Read more: http://finance.yahoo.com/news/Stocks-jump-as-Bernanke-says-apf-1907490562.html?x=0&sec=topStories&pos=main&asset=&ccode=

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So much for Rush LickBall's "I want Obama to Fail" mantra

no manufacturing base.

A recovery with no major change in banking regulation? No serious jobs program?

Please.

It's the only way he knows how to lie.

Booommm sissss ba...

The fundamental problems -- oversight and honesty on Wall Street and in the mortgage, banking and generally in the business community remain unchanged. Here we go again.

Buyer beware.

...Investors buy pork bellies.

How utterly stupid are we?

This man says something so ridiculous and so glaringly false--and the herd reacts?

We really have become a bunch of slack-jawed Pavlovian dogs, haven't we?

I'm disgusted.

It rallied on the housing sales numbers that came out at 10:00 this morning EDT. The market had very little volatility all day today except for the 1.1% spike up over a few minutes around the housing numbers - which were very good at first glance.

This economy has to be built from the bottom up. You can either buy in now or sit and whine and be left behind.

instead of giving more tax giveaways to the big lazy corporations that do everything on the cheap?

:applause:

we were in a housing bubble. And insisted the economy was ok, when it was clear we were in a recession? I take what this tool has to say with a grain of salt.

g

From the working class, now we have to pay the price with high unemployment and foreclosed homes and businesses. The price of crude is on the rise which means high prices at the pump, another burden on the working class. It's time for the truth to the American people so we can prepare for the coming depression.