Sorry, Wall Street

Ben Bernanke and the Fed offer a nod to financial dangers from the credit squeeze, but leave interest rates at 5.25%

Federal Reserve Chairman Ben Bernanke refused to give a jittery Wall Street what it was looking for on Aug. 7—a promise of easier money. But the market, after an initial sell-off, decided the news wasn't so bad after all. Traders' confusion over the market's recent turmoil was evident as stocks quickly fell and then just as quickly jumped. Up as much as 1.4% on the day, the Standard & Poor's 500-stock index closed the day with a gain of about 0.6% at 1,476.71.

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