Stocks Shake Before Fed Speech

Wall Street awaits Bernanke's priorities in Friday address

By Caroline Zimmerman, Newser Staff

Posted Aug 30, 2007 4:31 PM CDT

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Stocks Shake Before Fed Speech — An equities trader monitors share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge tumble. (AP Photo/John Marshall Mantel) (Associated Press)

Technology shares are still on the rebound, but the credit market continues to shake other stocks as traders await Ben Bernanke's speech on Friday. The tech-heavy NASDAQ gained 2.14 today, to close at 2565.30. But the Dow slipped 50.56 to 13238.73, and the S&P 500 fell 6.12 to 1457.64.

Volume was light, but it's a routine lull in the days leading up to a long weekend. The VIX was high, and analysts say things won't calm down until Bernanke reveals more about the Fed's priorities in his annual speech. But,as one trader says, "anybody with brains wouldn't do anything at all." (More Dow stories.)

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