With traders digesting weak employment data that came in line with expectations along with some upbeat comments from Federal Reserve Chairman Ben Bernanke, stocks are seeing continued uncertainty in mid-afternoon trading on Friday.
Speaking at a symposium on Financial Markets in Charlotte, North Carolina, Bernanke offered encouraging news, saying that programs enacted by the Federal Reserve to unfreeze the credit markets are working. Bernanke praised the actions of policymakers as having lowered the cost and increased the availability of credit.
The bevy of new lending programs offered by the Federal Reserve appear to be achieving their objectives, Bernanke said, having significantly reduced funding pressures for financial institutions, helped to reduce rates in bank funding markets, and increased overall financial stability.
In the midst of extraordinarily challenging times for the financial system and economy, Bernanke stated that he is confident that growth will be restored.
In recent trading, the Nasdaq and the S&P 500 have moved more firmly into positive territory, while the Dow is lingering near the unchanged line. While the Dow is currently up 6.77 at 7,984.85, the Nasdaq is up 11.55 at 1,614.18 and the S&P 500 is up 4.17 at 838.55.
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