May 22, 2013
Bernanke speech lifts global stocks
US stocks rose on Friday after Federal Reserve Chairman Ben Bernanke, expressing "grave concern" for the stagnating US job market, said the central bank was prepared to take further steps to strengthen the economy if necessary.
The Dow Jones industrial average was up 90.13 points, or 0.69 percent, at 13,090.84. The Standard & Poor's 500 Index was up 7.10 points, or 0.51 percent, at 1,406.58. The Nasdaq Composite Index was up 18.25 points, or 0.60 percent, at 3,066.96.
European shares ended higher, holding onto gains after US Federal Reserve Chairman Ben Bernanke left the carrot of further stimulus measures dangling.
The FTSEurofirst closed up 5.00 points, 0.5 percent, at 1,082.93, paring the previous session's losses and ending the month up 1.9 percent. Volumes spiked in the closing auction as traders closed positions for the month-end.
In Asia, Nikkei average fell to a four-week closing low as resources-related shares remained under pressure on concern over slowing China growth, while Sharp Corp sank on uncertainty over a tie-up with Taiwan's Hon Hai Precision Industry.
Expectations of further stimulus steps from the US Federal Reserve that investors hoped might bolster the slowing global economy also faded, helping the Nikkei fall 1.6 percent to 8,839.91, breaking below its 25-day moving average at 8,927.11. The broader Topix fell 1.6 percent to 731.64.