The trade deficit unexpectedly narrowed from a downwardly revised $31.9 billion in July to $30.7 billion in August, versus the estimate calling for the deficit to widen to $33.0 billion.
Federal Reserve Chairman Ben Bernanke reiterated that, “At some point, however, as economic recovery takes hold, we will need to tighten monetary policy to prevent the emergence of an inflation problem down the road”. More from Bloomberg...
The Dow Jones Industrial Average gained 78 points (0.8%) to close at 9,865, the S&P 500 Index rose 6 points (0.6%) to 1,071 and the Nasdaq Composite added 15 points (0.7%) to 2,139. Crude oil was $0.62 higher at $72.30 per barrel, and the Bloomberg gold spot price lost $6.40 to $1,048.70 per ounce. For the week, the DJIA gained 4.0%, the S&P 500 Index rose 4.5%, while the Nasdaq Composite was up 4.5%.
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