Door Left Open by Bernanke for Further Easing, Gold Advances (SABA, FB)
Although Ben Bernanke's speech in Jackson Hole left much to be desired, there were other points of positive data for the market to focus on today. Gold has now hit a five-month high and US stocks have reached a third straight month of gains. After Bernanke's statements the dollar fell to its lowest in more than three months while oil futures rose after two days of losses. Some of the biggest gainers were Saba Software Inc. (SABA) on news from earlier this week that IBM (IBM) is buying Saba's rival and Gordmans Stores (GMAN) net jumped 21%.SAIC announced that it plans to split into two public companies. The euro zone is struggling with inflation rising to 2.6% in August and unemployment hitting a record high of 11.3%.
Word on the Street
- Gas prices are up 30.8 cents a gallon, or almost 9% for the month of August.
- Bernanke's long awaited speech mostly a repeat of past statements, no promises of easing.
- SAIC to split into two public companies, the decision coming just months after appointing its fourth executive.
- The euro zone hits a record high unemployment rate of 11.3% in July, poses huge task for leaders.
- Gold hits a five month high, ending nearly 5% higher in August.
- Apple (AAPL) loses case in Japan against Samsung over patent.
- Three former UBS AG (UBS) execs convicted of fraud on Friday for scheming.
- TiVo (TIVO) Stays in the Red as Operating Expenses Increase.
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Published on Aug 31, 2012By InvestorGuide Staff