Markets finish Friday with gains after Federal Reserve Chairman Ben Bernanke hints at a willingness to further a stimulus package should the economy worsen. The non-committal statement comes after weeks of extreme volatility in both directions for markets. In other Wall Street news, investors prepare for Hurricane Irene, set to climb its way up the East coast over the weekend and hit New York City by Sunday. Safety measures have been put in place to protect the city, but investors worry and ponder the financial implications the storm will have on the finance and insurance industries, among others.
Word on the Street
- Fed Chairman Bernanke hints at more stimulus measures if needed.
- Hundreds of flights cancelled as East coast prepares for Hurricane Irene.
- Revised GDP figure for July worsens outlook.
- Tiffany’s (TIF) reported increased earnings, raises its forecast for the rest of the year.
- Bank of America (BAC) is close to selling its stake in China Construction Bank.
- Oil ends higher, up 3.8% in the past week.
- Guess (GES) investors left unimpressed with earnings.
Interesting Tidbits
- Apple (AAPL) innovator Steve Jobs has left use with many words of wisdom over the years.
- Interesting start up plans to eliminate product packaging.
Hoping this is a good week on market – after the Irene has done has damage then she could have.