Stocks Higher Ahead of Bernanke, Obama
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Stocks are higher going into an afternoon speech from Bernanke and ahead of an evening speech from Obama in which the President will unveil a plan aimed at stimulating the jobs market.
The Dow is currently up 36, the Nasdaq is up 15 and the S&P 500 is up nearly 3 points.
Federal Reserve Chairman Ben Bernanke will be giving a speech entitled "The U.S. Economic Outlook" at 1:30PM ET at the Economic Club of Minnesota Luncheon. While no major developments are expected at the speech, with QE3 in the balance, all speeches from the Chairman could potentially impact markets.
Wednesday there were reports "Operation Twist" was gaining momentum among Fed members. The potential plan would shift the composition of the Fed's balance sheet to longer-dated maturities. This would be done by selling short-term securities and buying longer-term securities and would have the desired result of lowering longer-term interest rates. In addition, dovish Fed member Charles Evans said "significant amounts of policy accommodation" may be needed to boost the economy.
President Obama will give a speech on jobs at 7PM. He is expected to propose a $300 billion jobs plans with tax cuts, infrastructure spending and direct aid to state and local governments.
The Dow is currently up 36, the Nasdaq is up 15 and the S&P 500 is up nearly 3 points.
Federal Reserve Chairman Ben Bernanke will be giving a speech entitled "The U.S. Economic Outlook" at 1:30PM ET at the Economic Club of Minnesota Luncheon. While no major developments are expected at the speech, with QE3 in the balance, all speeches from the Chairman could potentially impact markets.
Wednesday there were reports "Operation Twist" was gaining momentum among Fed members. The potential plan would shift the composition of the Fed's balance sheet to longer-dated maturities. This would be done by selling short-term securities and buying longer-term securities and would have the desired result of lowering longer-term interest rates. In addition, dovish Fed member Charles Evans said "significant amounts of policy accommodation" may be needed to boost the economy.
President Obama will give a speech on jobs at 7PM. He is expected to propose a $300 billion jobs plans with tax cuts, infrastructure spending and direct aid to state and local governments.
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