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By Barry WoodFederal Reserve Chairman Ben Bernanke told Congress Wednesday regulators are closely watching U.S. markets following the huge drop in stock prices Tuesday. But U.S. stock markets rebounded1 early Wednesday on Bernanke's optimistic assessment2 of America's economic outlook for 2007. VOA's Barry Wood reports.
The global sell-off continued in Asia -- with the exception of mainland China -- and Europe before Wall Street rebounded in early trading.
fiscal3 challenges and the economy, 28 Feb 2007" hspace="2" src="http://www.tingroom.com/upimg/allimg/070522/1446340.jpg" width="210" vspace="2" border="0" /> |
Ben Bernanke testifies on Capitol Hill in Washington, before the House Budget Committee hearing on long-term fiscal challenges and the economy, 28 Feb 2007 |
He told legislators U.S. economic activity remains6 solid and saw no single factor that had contributed to Tuesday's decline.
The New York Stock Exchange dropped more than 416 points Tuesday in the largest sell-off in five years.
Bernanke noted7 there is continuing weakness in the U.S. housing sector8, but said even there improvement is likely.
He said, "We believe that if the housing sector begins to stabilize9 and if some of the inventory10 corrections that are still going on in manufacturing are completed that there is a reasonable chance that we'll see some strengthening of the economy in the middle of the year."
Bernanke spoke11 after the U.S. Commerce Department released a sharp downward revision of U.S. economic growth to 2.2 percent in the fourth quarter of 2006. Its earlier growth figure was 3.5 percent. Most forecasters anticipate U.S. economy to grow at two and a half to three percent this year.
Some financial analysts12 had said the rising stock markets around the globe were due for what they call a "correction." They attributed Tuesday's precipitous sell-off to a number of factors, including a sharp drop on the Shanghai stock exchange and an earlier statement by Bernanke's predecessor13, Alan Greenspan, that the U.S. economy is heading for a possible recession.
1 rebounded | |
弹回( rebound的过去式和过去分词 ); 反弹; 产生反作用; 未能奏效 | |
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2 assessment | |
n.评价;评估;对财产的估价,被估定的金额 | |
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3 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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4 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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5 testimony | |
n.证词;见证,证明 | |
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6 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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7 noted | |
adj.著名的,知名的 | |
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8 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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9 stabilize | |
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定 | |
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10 inventory | |
n.详细目录,存货清单 | |
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11 spoke | |
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说 | |
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12 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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13 predecessor | |
n.前辈,前任 | |
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