July 11 - Summary of business headlines: Markets surge to record closing highs after Bernanke comments ease fears of stimulus cuts; Microsoft reorganizes; retail sales beat forecasts. Bobbi Rebell reports.
Stocks rocking the records. The Dow & S&P 500 at new all time highs - markets reacting to new comments from Fed Chairman Bernanke that monetary policy will remain "accommodative" for the foreseeable future. The Dow now having its biggest yearly point gain ever. The previous record set in 1999. All 30 Dow stocks closed higher. The Nasdaq with its highest close since October of 2000. Clark Winter, Chief Investment Strategist at Clark Winter Enterprises, says the markets' positive reaction to Bernanke's comments were right on target: SOUNDBITE: CLARK WINTER, CHIEF INVESTMENT STRATEGIST, CLARK WINTER ENTERPRISES, (ENGLISH) SAYING: "More and more people are finding out that cash is boring, bonds are really dangerous and that finally it makes sense to go back to work with your money. Or just sitting on the sidelines you get paid nothing for waiting. " European markets hit a five-week high, with growth sensitive stocks posting strong gains after the Bernanke comments. And Bernanke's concerns about the labor market getting some validation from the weekly jobless claims. They rose by 16,000. Analysts had expected a small decline. A separate report showed import and export prices down for the fourth month in a row. Microsoft announcing a major re-organization. CEO Steve Ballmer says it wants to be more like Apple and says under its new Microsoft One strategy it will deliver multiple devices and services as a single company. U.S. retailers' sales rose. Same-store sales for June coming in stronger-than-expected. After the bell Gap reporting same store sales up seven percent for June - much better-than-expected thanks to strong sales at Old Navy.