The stock market logged its first positive week in over a month as Federal Reserve Chairman Ben Bernanke left open the possibility of aiding the market more if need be.Mr.Bernanke announced that the Fed would lengthen its September meeting by a day to discuss the situation.The Fed had more in its toolbox and would use it when appropriate,Mr.Bernanke reassured at the Fed's annual conference in Jackson Hole,Wyoming.
For the week,the Dow climbed 4.32,while the NASDAQ rose 5.89 and the S&P gained 4.74.On the year,the S&P has lost 6.43.
Hurricane Irene claimed its first victim Friday,drowning a 22-year old surfer off Croyden Beach on the Virginia coast.In another tragic incident,a North Carolina man was walking in his yard Saturday morning when a big tree limb crashed down on him in winds up to 63mph-another death that is being attributed to the massive weather system,and believed to be the first Irene fatality on land.The storm also disrupted a number of sporting events as Major League baseball canceled some games and rescheduled others to avoid it.The PGA followed suit by shortening The Barclays tournament to 54 holes.Held at the Plainfield Country Club in Edison,New Jersey this year,the leader board was topped by American Matt Kuchar on Friday,who shot a second round fourteen under par 65.At the CN Canadian Women's Open in Montreal,American Angela Stanford and Japan's Ai Miyazato shared the lead at -11.At the Champions Tour Boeing Classic in Washington state,the opening round standings were as follows:1.Russ Cochran;2.Jeff Sluman;3.Ted Shulz,Hale Irwin and Bernhard Langer.All are Americans except for Langer,the esteemed German pro.
The NYSE plans to resume trading on Monday as scheduled.Stocks will be influenced by a number of reports next week,including the S&P/Case-Shiller home price index;the Institute for Supply Management's manufacturing survey;and the monthly employment report on Friday.The S&P futures rallied a strong 18.50 Friday evening,and bond index futures were up as well.
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