|PALLAVI GOGOI, AP Business Writer|
The Dow Jones industrial average was up 115 points at 12,529 just after
The Dow had been up as much as 140 points, but stocks lost a little ground after Bernanke gave no signal of any immediate further action by the Fed to help the economy.
Industrial stocks that rely heavily on the Chinese market for sales were among the biggest gainers on the
The Standard & Poor's 500 index was up nine points at 1,324, and the Nasdaq composite index was up 11 points at 2,855.
Bernanke, testifying before the congressional
"As always, the Federal Reserve remains prepared to take action as needed to protect the U.S. financial system and economy in the event that financial stresses escalate," Bernanke said.
The price of gold, which since 2009 has often surged as the Fed has bought bonds to stimulate the economy, was down almost 3 percent Thursday after Bernanke's testimony. Gold was off
Some traders had hoped for more from Bernanke after
Lockhart's comments helped fuel the biggest gain of the year for U.S. stocks, including a 286-point leap in the Dow.
But Bernanke's performance Thursday was "anticlimactic," said
A bleaker view of the economy has taken hold in recent weeks, especially as hiring has weakened. U.S. employers added just 69,000 jobs in May, the fewest in a year.
Investors will now wait to see what the Fed says when it concludes its next policy meeting
Bernanke "wasn't in a position to say much except leave the door open for later," said
Girard said she believes the Fed may extend a program called Operation Twist, in which it sells short-term securities and buys long-term bonds to drive down long-term interest rates, for a few months. It is set to expire at the end of this month.
Investor fear has grown recently that
Some fear over
Among stocks making big moves in the U.S.:
AP Business Writer
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