‘recession is very likely over at this point’
U.S. stocks pushed higher Tuesday helped by Federal Reserve Chairman Ben Bernanke’s declaration the recession is likely over, with industrial and material firms once again pacing the day’s move.Stocks had drifted around the flat line for much of the morning as new measures of retail sales and New York-area manufacturing were better than expected. But wholesale-level inflation was surprisingly strong.
The market ticked higher in the early afternoon, however, as Bernanke said that from a technical point, the “recession is very likely over at this point.” Bernanke made his comments during a question-and-answer session at the Brookings Institution. [...]