Markets Open Solidly Up
Wall Street followed its tepid Monday with a solid opening this morning, as traders heard President Obama say he will appoint Ben Bernanke to a second four-year term as Fed chairman.
In the first 20 minutes of trading, the Dow is up 0.6 percent.
The broader S&P 500 is up about the same and the tech-heavy Nasdaq is up about 0.4 percent.
Obama said, essentially, you don't change horses in the middle of a stream, saying Bernanke's expertise in the history of the Great Depression helped the nation avoid a second one last fall.
Also, traders responded favorably to the Standard & Poor's/Case-Shiller June home price index, which ticked up from May and beat estimates for year-over-year decline.
-- Frank Ahrens
By
Frank Ahrens
|
August 25, 2009; 9:52 AM ET
Categories:
The Ticker
| Tags: Ben Bernanke, Dow Jones, Obama, nasdaq, s&p 500
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