Brands Rise

Friday’s session ended with gains. American Express, Kraft Foods, and Verizon led the Dow’s ascent. Stocks rebounded heartily from early low levels in the wake of encouraging words from Federal Reserve Chairman Ben Bernanke. Responding to questions from U.S. Representative Darrell Issa, Mr. Bernanke said “There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery.” On another note, durable goods orders stepped up in July. Census Bureau data showed new orders for manufactured goods jumped 4.2% last month, well beyond a 1.6% increase in June. Discounting transportation, however, new orders decreased 0.4% in July. Elsewhere, crude oil futures slipped 12 cents to settle at $96.15 a barrel.

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