US Stocks rise after 2nd quarter GDP news

By ASSOCIATED PRESS
August 27, 2010 20:31

NEW YORK — Stocks rose Friday and bond prices fell after the government reported that US economic growth didn't slow as much as feared.

Comments from Ben Bernanke also helped send stocks higher. The Federal Reserve chairman, speaking at the central bank's annual conference, reaffirmed his outlook for economic growth next year and said the Fed was ready to take extra steps to stimulate the economy if needed.

Stocks stumbled briefly after Intel Corp. lowered its revenue estimate but then resumed their upward march. The Dow Jones industrial average and other market baromoters all gained about 1 percent.


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