Stocks are surging high today after the speeches of Fed Chairman Ben Bernanke as well as President Bush. Both speeches seem to be reassuring to investors as stocks have responded magnificently. President Bush spoke at 11 am this morning, outlining a plan to help homeowners with risky mortgages keep their homes. Bernanke spoke this morning in Wyoming and said the central bank will "act as needed" to keep the credit crisis under control. Bernanke also did say though, that the Federal Reserve should not bail out lenders or investors from the 
consequences. Investors bid stocks higher after the two speeches, seeing it as a sign that policymakers were not behind the curve and would act appropriately to keep the economy growing. The Dow is currently higher by 184 points, the Nasdaq by 31, and the S&P 500 by 22.
All the major sectors are higher on the day thus far. The basic material and energy sectors are the strongest of the sectors today, while healthcare is the weakest on a relative basis.
Transocean Inc (NYSE:RIG) shares are up 3.34%, leading the sector higher as Crude Oil trades above $74 a barrel today. National Oil-Well Varco Inc (NYSE:NOV) shares are powering higher by 5%, as oil and gas equipment makers are very strong so far today.
United States Steel Corporation (NYSE:X) is higher by 5.24% as steel producer shares are very strong today. Consumer cyclical stocks are performing well today too as investors feel the reassurance from the speeches bodes well for the economy going forward. Coach Inc (NYSE:COH) is up by 4% today after the company announced it will hold its first analyst and investor day next Friday. The automakers are also higher today after a tough week, General Motors Corporation (NYSE:GM) is higher by 2.11%.
Notable new highs on the Nasdaq include Research in Motion Limited (NASDAQ:RIMM), which trades higher by 2.53%, and NVIDIA Corporation (NASDAQ:NVDA) up by 4.77%.
The two speeches today have reassured investors confidence for now that the economy should continue to grow after this credit crisis is taken care of. I'm not sure that the speeches have changed a whole lot fundamentally, and volatility should be expected at least until the FOMC meeting on the 18th of September. Bernanke continues to give some hints that there is at least some pause from the FOMC to lower rates, which could jolt the market.
The trading volume is, as expected, very light on the day today. The volume will likely dry up even more as the day goes as traders leave early for their long weekend.
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