11:31 EDT - US stocks climb to session highs, now posting solid gains
after Thursday's selloff amid increased prospects for more Fed
stimulus. In a letter to Rep. Darrell Issa (R., Calif.) dated
Wednesday, a copy of which was obtained by The Wall Street Journal,
Bernanke wrote, "There is scope for further action by the Federal
Reserve to ease financial conditions to strengthen the recovery."
Funny how this letter came out two days after it was written, and one
day after St. Louis Fed President Bullard damped hopes for more
stimulus by saying recent data suggested it wasn't needed. The Dow
industrials is up 77 at 13134. (tomi.kilgore@dowjones.com)
(END) Dow Jones Newswires
August 24, 2012 11:31 ET (15:31 GMT)
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