Nasdaq Surges 4%: Stocks Rally on Fed Hopes
By Ashley Lau
NEW YORK (Reuters) – Stocks bounced on Tuesday with major indexes rising more than 2 percent as investors jumped into the market before a highly anticipated address by Fed Chairman Ben Bernanke later this week.
Technology and other growth stocks drove much of the market’s gains, with the S&P Information Technology Index (^GSPF – News) up 1.9 percent.
A weaker-than-expected reading of the U.S. housing sector was the latest in a string of discouraging data that has raised expectations the Fed will take measures to prop up the economy.
New U.S. single-family home sales fell more than expected in July to hit a five-month low.
“I don’t think anybody wants to be too short or negative in front of Bernanke’s speech on Friday,” said Jim Awad, managing director at Zephyr Management in New York.
Some have speculated Bernanke could unveil measures to revive the struggling economy, though others say he is most likely to outline gradual actions, which would fall short of a third round of quantitative easing. For more visit: Yahoo finance
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