TOPICS > Economy

News Wrap: Economy Struggles, Bernanke Stops Short of Announcing Stimulus Plan

August 31, 2012 at 12:00 AM EST
In other news Friday, Fed chairman Ben Bernanke warned again today that economic recovery is slow, but did not announce any plans for a new stimulus package. Also, Syrian rebels launched another major operation in the north of Syria, centering coordinated attacks in Aleppo.
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TRANSCRIPT

KWAME HOLMAN: The chairman of the Federal Reserve said again today the economic recovery still is far from satisfactory. But Ben Bernanke stopped short of announcing new stimulus action as he addressed an annual Fed conference in Jackson Hole, Wyoming.

He did repeat the Central Bank shouldn’t rule out such moves, if that’s what it takes to bring down unemployment.

Wall Street blew hot and cold on Bernanke’s remarks at different times of the day. In the end, the Dow Jones industrial average gained 90 points to close near 13,091. The Nasdaq rose 18 points to close just below 3,067. For the month, the Dow gained just under 1 percent; the Nasdaq rose more than 4 percent.

The population of gray wolves in Wyoming will lose federal protection from hunters. The U.S. Fish and Wildlife Service endorsed a plan today that allows wolves outside Yellowstone National Park to be shot on sight.

Ranchers and hunters had long pushed for the change, arguing that wolves still kill too many cattle and game animals. Environmental groups promised legal action to keep the wolves protected.

In Syria, rebels launched their own major operation around the country’s second largest city. The coordinated attacks centered in Aleppo in the north, where government forces have spent weeks trying to dislodge rebel fighters.

Video from anti-government groups showed fighters in the streets, buildings on fire, and plumes of smoke above the city skyline. The opposition groups said a number of regime soldiers were killed. Fighting also went on for a third day inside a major air base in Idlib province in the northwest.

Those are some of the day’s major stories.