Posted on August 30th, 2010 
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| Index/Security | Close | Chg | %Chg |
| Dow Jones (US) | 10,151 | +164.8 | +1.7 |
| S&P 500 | 1,065 | +17.4 | +1.7 |
| NASDAQ | 2,154 | +34.9 | +1.6 |
US stocks climbed on Friday, with DuPont, Alcoa and Caterpillar leading broad gains. Investors took comfort in Federal Reserve Chairman Ben Bernanke’s promise to do what it takes to support an economic recovery, along with a better-than-feared revision of second-quarter economic growth.
The Dow Jones Industrial Average rose 164.84 points (1.65%) to 10,150.65, its biggest one-day gain since Aug. 2. Still, the measure fell 0.62% last week, its third straight week in the red. It is now off 3.01% for the month and it has fallen 2.66% this year.
In Friday’s session, DuPont added $1.52 (3.9%) to $41.01, while Alcoa advanced 31 cents (3.1%) to $10.32, and Caterpillar gained $1.95 (3.1%) to $65.90.
The gains came as Federal Reserve Chairman Ben Bernanke said he is ready to do what it takes to support an economic recovery that has been losing steam. Bernanke also said he expects the US economy to continue growing in 2011 and subsequent years, signalling further Fed action may not be needed.
Also providing some relief, the Commerce Department’s revision to second-quarter gross domestic product came in at 1.6%, below the previous estimate but better than expected.
Investors even took an optimistic approach to a guidance cut from Intel, which rose 19 cents (1.1%) to $18.37. The chip giant lowered its third-quarter revenue and gross-margin targets as weaker-than-expected consumer demand for personal computers takes its toll. However, investors said the warning wasn’t a surprise, and focused on a bright spot Intel noted: there is “solid” enterprise demand helping offset the impact of lower volume.
Hewlett-Packard was the Dow’s lone decliner. The stock fell 22 cents (0.6%) to $38, as its battle with Dell for data-storage company 3Par continued. H-P raised its latest offer 11% above Dell’s bid made only hours before, extending a fight for 3Par that has gone on for a little more than a week. Dell edged up 14 cents (1.2%) to $11.89, while 3Par surged $6.43 (25%) to $32.46. Dell and 3Par are not Dow components.
The Nasdaq Composite climbed 34.94 (1.65%) to 2,153.63. The Standard & Poor’s 500 index added 17.37 (1.66%) to 1,064.59. All of the measure’s sectors closed in positive territory, led by the materials sector.
| Precious Metals | Close | Chg | %Chg | Units |
| Gold | 1,238 | +3.0 | +0.2 | USD/Oz |
| Silver | 19.1 | +0.1 | +0.7 | USD/Oz |
Base metals on the London Metal Exchange ended the week on a high note, as a rallying euro and mildly positive comments from US Federal Reserve Chairman Ben Bernanke were enough to sweep the metals higher. Investors continue to buy gold as a haven but are reluctant to send it to a new record. Crude ended the week with a three-day rally, as comments by US Federal Reserve Chairman Ben Bernanke gave investors renewed confidence that the central bank would step in if the US economic recovery is in jeopardy.
Australian Stock Prices Overnight
ResMed rose by US$1.44 to US$61.19, equivalent to A$6.78, A$3.41 above its last close on the ASX.
In London, Rio Tinto rose 46.5 pence to £32.24, A$0.80 higher in Australian currency terms.
BHP-Billiton fell 4.5 pence to £17.98, A$0.08 lower in Australian currency terms.
Henderson Group Plc rose 2.7 pence to £1.24, A$0.05 higher in Australian currency terms.
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