Stocks zigzag ahead of noon Bernanke speech
Stocks have been zigzagging at opening and are trading slightly up ahead of an important speech by Fed Chairman Ben Bernanke, during which some believe he may telegraph a sooner-than-expected hike in interest rates.
In the first 20 minutes of trading, the Dow is up one-third of 1 percent.
The broader S&P 500 is nearly four-tenths of 1 percent and the tech-heavy Nasdaq is up nearly one-third of 1 percent.
Bernanke speaks today at noon before the Economic Club of Washington.
It's a pretty light day in terms of amount of economic data coming out but not light in the importance of the data. At 3 p.m., the Fed will release the October consumer credit report, showing how much Americans borrowed in that month. Forecasters expect the number to drop for a ninth straight month.
-- Frank Ahrens
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December 7, 2009; 10:00 AM ET
Categories: The Ticker | Tags: Ben Bernanke, Dow Jones, consumer credit, nasdaq, s&p 500
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