Share this article

print logo

STOCK MARKET RALLIES ON GREENSPAN REMARKS

Stocks were posting sizable gains this afternoon as Federal Reserve chairman Alan Greenspan gave a generally upbeat assessment of the economy in his midyear report to Congress.

At 3 p.m. the Dow Jones Industrial Average was up 136.58 at 8,043.30, bolstered by strong earnings reports from Disney and Philip Morris.

Broad-market indicators were on the verge of snapping a three-session slump with help from the bond market, where interest rates edged back down toward last week's seven-month lows.

The Fed chairman said inflationary pressures have remained tame, but reiterated that the central bank stands ready to boost interest rates at the first sign of inflation.

There are no comments - be the first to comment