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Stocks advanced Friday after a double shot of soothing comments from Federal Reserve Chairman Ben Bernanke and the Oracle of Omaha, Warren Buffett. A $3 drop in oil prices also gave the market a boost.
Federal Chairman Ben Bernanke indicated the Fed should be able to keep interest rates low for some time, as the recent drop in commodity prices should reduce the threat of inflation.
Stock-index futures jumped after Warren Buffett weighed in on everything from the dollar to Fannie mae and Freddie Mac.
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Warren Buffett tells our Becky Quick that he has been adding recently to one of the two stakes Berkshire Hathaway already has in a pair of financial stocks: American Express and Wells Fargo. But, in keeping his custom of not revealing too much, he won't say which one. Even so, investors are bidding up the price of both stocks this morning. It's just one of many comments Buffett made during a series of live appearances with CNBC's Becky Quick throughout this morning's three hours of Squawk Box. Here's a summary of the highlights.
Fed Chairman Ben Bernanke is scheduled to comment on Friday about the financial crisis. How will his words influence trading?
US stocks ended mixed Thursday as a jump in oil prices boosted oil stocks and speculation about a government bailout of Fannie Mae and Freddie Mac, and a possible takeover of Lehman Brothers, gave investors some hope that relief is coming.
US stocks declined Thursday as oil surged and worries about the future of Fannie Mae, Freddie Mac and Lehman Brothers weighed on the market.
US stocks declined Thursday as worries about the future of Fannie Mae, Freddie Mac and Lehman Brothers weighed on the market. Oil surged past $120 a barrel.
US stock index futures briefly pared their losses after a drop in jobless claims. Investors remained tentative, however, amid worries about the future of Fannie Mae and Freddie Mac and the impact of geopolitical tensions on oil prices.
Costlier energy and food helped push July prices up, but oil prices have begun to decline and analysts hope that the worst might be over.
The U.S. economy may yet slip into recession, but inflation is an even bigger risk given the "exceptionally'' stimulative stance of monetary policy, Richmond Federal Reserve President Jeffrey Lacker said Tuesday.
Economists have soured on the U.S. economy's prospects for the second half of 2008 and have cut growth forecasts for next year as well, a closely watched survey released Monday showed.
The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.
What you think of today’s statement by the Federal Reserve depends a lot on what you thought before the announcement. Those who believed the Fed was on course to tighten in the fall see the statement as dovish; those who thought that was unlikely see the statement as either neutral or even hawkish. I’m in the camp who believes this statement was neutral as to the outlook for policy changes.
The recent pullback in commodity prices—particularly oil—may moderate inflation in the coming months, providing some relief for consumers, stocks and the Fed.
Below is the statement released by the Federal Open Market Committee after its Aug. 5 meeting on interest rate policy:
The Fed held U.S. interest rates steady, expressing concerns about both economic growth and inflation and indicating it is in no rush to push borrowing costs higher.
Yesterday’s consumer inflator report was up 4.1 percent over the past year, the biggest rise in 17 years. Core inflation is much lower at 2.3 percent, but still above the Fed’s target. Right now commodity markets are nose-diving across the board. This is a good sign for diminished future inflation risk.
The experts gave CNBC their thoughts on the Federal Reserve meeting, where members are expected to vote on holding rates at 2 percent.