Stock Market Closes with Best Economic High in 2 Months (VIDEO)

Did the wealthiest investors in the world spark the U.S. Stock Market by themselves?

According to The Street: “Tech strength led a triple-digit surge in stocks Friday as the market shrugged off a lack of new monetary action from Federal Reserve Chairman Ben Bernanke.

The Dow dropped more than 200 points in its initial reaction to Bernanke’s speech, which neither clarified what policy options were left for the Fed nor hinted at imminent quantitative easing measures. The possibility that the central bank would discuss possible stimulus measures at its September meeting, however, left room for stocks to bounce back.

The major U.S. equity indices posted their largest weekly gain in two months. The Dow Jones Industrial Average finished off its session highs but still rose 134 points, or 1.2%, to finish at 11,284. The S&P 500 advanced 18 points, or 1.5%, at 1177, and the Nasdaq surged 60 points, or 2.5%, to close at 2480.

The Dow rose 4.3% this week, while the S&P 500 gained 4.7%, and the Nasdaq surged 5.9%.

“The market is moving up because it has been oversold, but you can’t read too much into a rally like this because the overall economic picture has not really changed,” said Jim Maguire, trader at E.H. Smith Jacobs.

“The initial knee-jerk reaction was some disappointment that we didn’t get some sort of QE3,” said Phil Orlando, chief market strategist at Federated Investors. “The rebound came after people had a chance to read Bernanke’s comments and heard what he was saying.”"

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