US stocks close higher ahead of long holiday weekend

ALSO READ See how Asian markets are doing

CNBC's Trish Reagan has given US Markets highlights of the day's trade.

Stocks closing higher ahead of the long holiday weekend, the Dow Jones industrial average gained more than 119 points, S&P-500 gained 16 points and the Nasdaq picked up 31 points. This rally was a thanks to President Bush. The President outlined plans of White House to help some homeowners that are facing fore closure, a key component of this plan really lets people with good credit histories re-finance. That means that the subprime borrowers who have done so adversely affected by all of this might be left out.

Meanwhile Fed Chief Ben Bernanke timed in today saying that the Federal act as needed to shelter the economy from the subprime mess but that the Fed will not bail out lenders. Bernanake also stopped short of saying whether there could be an interest rate cut anytime soon, of course so many traders on the street looking for an interest rate reduction in early September.

Wall Street Action

• Dow gains 119 pts, S&P 500 soars 16 & Nasdaq closes 31 pts higher
• US Govt plans to help some home owners who face foreclosures
• Bernanke says Fed will act as needed to address credit concerns
• Fed says it will not bail out lenders