Economic review: Winners and losers in the Middle East - Your Middle East:
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The Gate - the international financial centre in Dubai
© Your Middle East |
Federal Reserve chairman Ben Bernanke sent ripples across markets when he recently reneged on a supposed certainty among financial analysts. Rather than tapering, or scaling back, the Fed’s bond purchasing program, which has buoyed markets through 2008’s fiscal storm, Bernanke left the taps untouched. As of now, the purchasing scheme that has been pumping nearly $85 billion and diluting interest rates will remain – at least until the next time Bernanke gets behind a microphone.
Needless to say, market indices were electrified at this unforeseen turn of events. Both the S&P 500 and Dow Jones Industrial Index hit record highs, topping previous marks of 1,709.67 and 15,658.36, respectively. The fervor was eventually felt on this side of the globe, with oil futures further fueling (no pun intended) their robust rise to new weekly highs."
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