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Wall Street fluctuated Friday as investors set aside their inflation concerns and went back to buying as they awaited a speech by Federal Reserve Chairman Ben Bernanke.
The Fed gave the market a jolt this week by announcing plans to buy Treasury securities to revive lending and the economy. Wall Street initially jumped on the move but fell Thursday on worries about the dollar and inflation.
In just two days, the dollar fell 5 percent versus the euro and 3 percent versus the yen. Oil prices, meanwhile, soared 7 percent Thursday above $51 a barrel to the highest level this year.
Investors are eager for more insights into the Fed's plans. Bernanke will be speaking on the financial crisis at the Independent Community Bankers of America convention in Phoenix. The speech is set for noon EDT.
In the morning trading, the Dow Jones industrial average rose 16.32, or 0.2 percent, to 7,417.12. Broader stock indicators were narrowly mixed. The Standard & Poor's 500 index fell 0.25, or 0.03 percent, to 783.79, and the Nasdaq composite index rose 9.02, or 0.6 percent, to 1,492.50.
Yesterday's Top Performing SmallCapVoice.com stock:
Capital City Energy Group, Inc. (OTC BB: CETG | Quote | Chart | News | PowerRating) was a SmallCapVoice.com top performer moving up over 22% on trading volume of 35,458 shares.
In addition to its four wholly owned subsidiaries; Avanti Energy Partners, Eastern Well Services, Capital City Petroleum and Hotwell Services, Capital City Energy Group is a rapidly expanding energy company. It is an innovative leader in the design, management and sponsorship of retail and institutional direct participation energy programs and one of the few vertically integrated independent oil & natural gas companies operating today. CETG identifies and develops growth opportunities through drilling, operating, oil field service companies, acquisitions and fund management.
Today's SmallCapVoice.com Hot Stocks to Watch:
Sports Supplement Group, Inc. (OTC BB: SRSP) continues to trend higher
Sports Supplement Group Inc. (Owner of ERGOPHARM Performance Nutrition) is a sales and marketing company formed to acquire brands and companies currently operating in the sports performance and weight management markets. Since its formation, Sports Supplement Group has been actively engaged in seeking out companies that management believes would integrate efficiently into its portfolio.
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