Stock open higher ahead of Bernanke speech
NEW YORK-- Wall Street is modestly higher as investors set aside their inflation concerns and go back to buying as they await a speech by Federal Reserve Chairman Ben Bernanke.
The Fed gave the market a jolt this week by announcing plans to buy Treasury securities to revive lending and the economy. Wall Street initially jumped on the move but fell Thursday on worries about the dollar and inflation.
But stocks were also due for a pullback after the Dow Jones industrial average rose more than 14 percent over seven trading days.
Bernanke will be speaking to the Independent Community Bankers of America convention.
In the early going, the Dow is up 36 at 7,437. The Standard & Poor's 500 is up 2 at 786, while the Nasdaq composite index is up 9 at 1,493.
