US stocks up after four straight weekly losses

August 23rd, 2011 - 12:21 am ICT by IANS  

New York, Aug 22 (IANS) US stocks gained Monday after investors’ concern over world economy drove the S&P; 500 down for four weeks, Xinhua reported.

Investors worried that the US economic recovery will be stagnated due to weak job market and higher risk of inflation last week but some of them began to think that it’s a good time to purchase at current prices.

With no major economic data released Monday, investors were cautiously awaiting the annual central bank’s meeting in Jackson Hole, in which Federal Reserve Chairman Ben Bernanke was to deliver a speech.

Last year at the same meeting, the Fed announced its second round of Quantitative Easing programme.

The Dow Jones industrial average gained 50.10 points, or 0.46 percent, to 10,867.75. The Standard & Poor’s 500 was up 2.19 points, or 0.19 percent, to 1,125.72. The Nasdaq Composite Index rose 2.18 points, or 0.09 percent, to 2,344.02.

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