Stocks, Gold and the Dollar All Up After Bernanke's Comments, Merkel Backs Greece (ADSK, ARUN)
PUBLISHED ON: Aug 24, 2012
Stocks traded higher on Friday after Ben Bernanke of the Federal Reserve commented about his belief that the central bank can do more to stimulate the economy. Gold also ended higher on the hopes of stimulus action and reached a four-month high. A report was released that business investment in the US has dropped the most in three years for Q2 with fixed investment down by 3.2%. Aruba Networks (ARUN) saw shares jump 17% while software developer Autodesk (ADSK) lowered its outlook and fell over 15%.The dollar inched higher to both the euro and the Japanese yen.
Word on the Street
- Autodesk Inc. (ADSK) shares tumble the most in more than three years.
- Bernanke believes the Fed can do more to ease financial conditions, stocks jump higher.
- General Motors (GM) has high hopes for a new line to be released this month.
- Germany's Merkel backs the Greek government, ignoring critics who seek its exit from the euro.
- Business investment in the US suffers its biggest quarterly fall in three years.
- The Seoul Central Distrinct Court hits both Samsung and Apple (AAPL) with bans.
- USDA says price of beef, pork and dairy products will stay high through the end of the year and into 2013.
- Guess (GES) Plunges Over 20% After Missing Earnings.