Stocks Pare Gains after Bernanke Comments

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Stocks have pared their early gains and are well off their session highs following comments from Federal Reserve Chairman Ben Bernanke.

In his testimony to the Congressional Joint Economic Committee, Bernanke said that the Feed remained relatively optimistic about the health of the domestic economy. The Fed Chairman said that economic growth appears poised to continue at a moderate pace over coming quarters, supported in part by accommodative monetary policy. Bernanke did not give any indication that the Fed is planning to implement fresh measures to boost growth.


The Fed Chairman’s comments dashed hopes of another round of quantitative easing.

At last check, the Dow Jones was trading 0.55% higher at 12,483.17, the S&P 500 was trading 0.48% higher at 1,321.18, and the Nasdaq was trading 0.20% higher at 2,850.29. All three major indexes had risen sharply earlier today after China unexpectedly cut its benchmark deposit and lending rate to boost its economy.

Conglomerates are leading the gains in the S&P 500 in trading currently. At last check, the sector was trading 0.83% higher. Industrials are currently trading 0.79% higher. Basic Materials sector is up 0.42% in trading currently, while Energy sector is up 0.47% in trading currently. Financials are up 0.46%. Consumer Cyclical is the only sector in red in trading currently. At last check, the sector was down 0.09%.

Among the major gainers and losers in trading currently are McDermott International Inc. (NYSE: MDR), which is currently trading 8.09% higher at $10.55, Navistar International Corporation (NYSE: NAV), which is currently trading 24.05% lower at $21.38, MAKO Surgical Corp. (NASDAQ: MAKO), which is currently trading 6.18% higher at $24.58, Men’s Wearhouse Inc. (NYSE: MW), which is currently trading 17.68% lower at $29.28, and RF Micro Devices Inc. (NASDAQ: RFMD), which is currently trading 5.19% higher at $4.36.

 








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.