Futures rise after Bernanke remarks
NEW YORK (AP) — Stock futures rose Wednesday after the Federal Reserve left open multiple trajectories for U.S. economic policy going forward.
Chairman Ben Bernanke said the Fed could increase or decrease its massive bond-buying program going forward, depending on the economy and job growth.
Dow Jones industrial futures rose 8 points to 15,399. The broader S&P futures rose 3.1 points to 1,674.30. Nasdaq futures rose 5 points to 3,075.75.
While there has been some improvement in the employment landscape, Bernanke said again that substantial progress in jobs growth must happen before the Fed pulls back on the stimulus efforts that have kept markets flush with cash through bond purchases.
The financial sector continued its winning streak Wednesday as Bank of America, like Citigroup, Goldman Sachs and JPMorgan Chase before it, breezed past Wall Street expectations for the quarter.
Also on Wednesday, the Commerce Department reported that work began on fewer homes and apartments in June, though not enough to alter the view that the housing sector is in the midst of a solid recovery.
Reporting quarterly earnings later on Wednesday are eBay, Intel, American Express and IBM.