Stocks, oil dip further after Bernanke speech
Bernanke’s failure to detail job creation measures disappointed investors. — Reuters picNEW YORK, Aug 26 — World stocks and oil extended losses today after a speech by Fed Chairman Ben Bernanke stopped short of signalling further action to boost the US economy.
The dollar pared losses against the euro and yen, while bonds extended gains.
In his keenly awaited speech, Bernanke said it was critical for the economy’s health to reduce long-term joblessness but did not offer new measures to help growth, disappointing some investors.
World stocks as measured by MSCI world equity index were down 0.9 per cent, while the Standard & Poor’s 500 index was down 1.1 per cent.
Brent crude fell 92 cents to US$109.70 (RM328) a barrel. — Reuters
