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Nightly Business Report - Thursday July 11 2013

Nightly Business Report - Thursday July 11 2013

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Tonight on Nightly Business Report, stocks soared to record highs thanks to comments from Federal Reserve Chairman Ben Bernanke. Nuveen’s Bob Doll tells us where he’s finding the best investment opportunities now.

And, predictions of pain at the pump. How high will gas prices go and how long will it last?
Tonight on Nightly Business Report, stocks soared to record highs thanks to comments from Federal Reserve Chairman Ben Bernanke. Nuveen’s Bob Doll tells us where he’s finding the best investment opportunities now.

And, predictions of pain at the pump. How high will gas prices go and how long will it last?

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Published by: Nightly Business Report by CNBC on Jul 12, 2013
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<Show: NIGHTLY BUSINESS REPORT><Date: July 11, 2013><Time: 18:30:00><Tran: 071101cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for July 11, 2013, PBS><Sect: News; International><Byline: Susie Gharib, Tyler Mathisen, Jon Fortt, Hampton Pearson, Courtney Reagan, EuniceYoon, Andrea Day><Guest: Bob Doll><Spec: Ben Bernanke; Federal Reserves; Business; Economy; Policies; Stock Markets;Consumers; Energy; Abuse; Crime; Government; Medicare andMedicaid><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --(COMMERCIAL AD)TYLER MATHISEN, NIGHTLY BUSINES REPORT ANCHOR: Record territory.Ben Bernanke sparks a rally that pushes stocks to all-time highs. So, where are the bestopportunities now?
 
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Pain at the pump. Whenyou pull up to fill up, don`t be surprised if you have to pay up. Gas prices are rising and predicted to go higher, but for how long?MATHISEN: And rip off. From a multimillion dollar house to the big house. We havethe story of a woman who defrauded taxpayers like you in a Medicare scheme so brazen, it`shard to believe.All that and more tonight on NIGHTLY BUSINESS REPORT for Thursday, July 11th.GHARIB: Good evening, everyone.A day of milestones on Wall Street today. Stocks surged and the major averages hit newrecords, thanks to a broad-based rally. All 10 of the S&P500 sectors were up.So, what happened?Well, call it the Ben Bernanke rally. Investors were inspired to buy stocks this morningfollowing news we told you about last night, the Fed chairman saying the Central Bank willcontinue its easy money policies.Why? Because Bernanke said the weak U.S. economy still needs help.The buying was explosive. The Dow soared 170 points, closing at 15,460. This is a newrecord high. The NASDAQ jumped 57 points, to a 13- year high, and the S&P closed at a newrecord of 1,675, up 22 points. Even the small cap Russell 2000 Index stands in record territorytonight.And the buying carried over to the bond market and gold. The 10-year treasury rose withyield down now to 2.57 percent and gold prices also on the rise, up 32.50 to $1,279.
 
 MATHISEN: And joining us now to talk more about today`s market activity and whatmay be ahead is Bob Doll, chief equity strategist at Nuveen Asset Management.Bob, good evening. Good to have you with us.So, my question for you to kick it off is, did Bernanke really say anything yesterday thatwas all that different from what he`s been saying for weeks. And if he didn`t, what sparked therally?BOB DOLL, NUVEEN ASSET MANAGEMENT CHIEF EQUITY STRATEGIST:Yes, not a whole lot different, Tyler. I think the emphasis and maybe our listening andinterpretation was a little bit different. I think the world largely felt when he made his speech acouple weeks ago that he was signaling that we`re going to start going the other direction. Andin fact, he was but he kept saying "if the economy is strong enough", and I think last night, hesaid the economy clearly isn`t quite strong enough, so we`re there with the guns to help.GHARIB: So, Bob, who should investors be really listening to? Fed Chairman Bernankeor all of the CEOs that are parading out, talking about the outlook for their businesses and their earnings over the next couple months? Which is more important, the Fed or earnings?DOLL: It`s great question, Susie. I think we`re in a transition.That is to say the Feds almost finished its work. That is the P/E or evaluation improving in thestock market has been a wonderful thing.Pretty soon, it`s going to depend on earnings.And corporate CEOs are delivering mixed messages. On the whole, positive but not allof them and not big magnitude. So, we have to watch the next releases quickly, which will befast and furious over the next few weeks.

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