Stocks rose on Wednesday, giving up some gains after an initial rally, after US Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its economic stimulus efforts.
The S&P 500 hit yet another record high after Bernanke's prepared speech to Congress offered no sign that he was ready to retreat from the Fed's latest round of bond buying, which cooled investor speculation that the central bank was preparing to reduce its monetary stimulus.
The Dow Jones industrial average rose 64.24 points or 0.42 per cent, to 15,451.82, the S&P 500 gained 6.09 points or 0.36 per cent, to 1,675.25 and the Nasdaq Composite added 7.93 points or 0.23 per cent, to 3,510.06.
The S&P 500 hit yet another record high after Bernanke's prepared speech to Congress offered no sign that he was ready to retreat from the Fed's latest round of bond buying, which cooled investor speculation that the central bank was preparing to reduce its monetary stimulus.
The Dow Jones industrial average rose 64.24 points or 0.42 per cent, to 15,451.82, the S&P 500 gained 6.09 points or 0.36 per cent, to 1,675.25 and the Nasdaq Composite added 7.93 points or 0.23 per cent, to 3,510.06.