"It is important to achieve further progress, particularly in the labor market"
- Ben Bernanke, chairman of the Federal Reserve
The Fed may announce another round of quantitative easing and resume its bond-buying program to boost the U.S. economy, said Fed's chairman Ben Bernanke on Friday.
"It is important to achieve further progress, particularly in the labor market," Bernanke said at the Kansas City Fed's annual Jackson Hole symposium.
"Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability."
Also Friday, the Commerce Department said orders to U.S. companies rose 2.8% in July, after erasing 0.5% in June, reflecting strong demand for autos and commercial aircraft.
The Standard & Poor's 500 advanced 0.51 per cent to 1,406.58. The Dow Jones Industrial Average edged higher 0.69 per cent to 13,090.84. The Nasdaq Composite jumped 0.60 per cent to 3,066.97.
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