Stocks close high following Bernanke speech

Dow rises 135 points as Federal Reserve Chairman Ben Bernanke predicts long-term economic growth

Jin Lee/AP
Traders work on the floor of the New York Stock Exchange on Friday, Aug. 26, 201,1 in New York. Stocks closed high in the wake of Ben Bernanke's speech Friday in Jackson Hole, Wyo.

Stocks are closing higher after Federal Reserve Chairman Ben Bernanke said the U.S. is headed for long-term economic growth.

Bernanke did not announce any new economic stimulus measures during his speech, as some investors had hoped. He left open the possibility of more action if another recession seems likely.

The Dow rose 135, or 1.2 percent, to 11,285. It was up 4.3 percent for the week after being down the past four.

The S&P 500 rose 1.5 percent to 1,177. The Nasdaq rose 2.5 percent to 2,480.

Five stocks rose for every one that fell on the New York Stock Exchange.

Volume was relatively light at 4.2 billion as many traders left the New York area ahead of Hurricane Irene. Markets are expected to be open Monday.

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