Fin24

Bernanke remarks hearten Wall St

2012-07-18 08:03

Washington - Stocks rose on Tuesday in New York after Federal Reserve chairperson Ben Bernanke indicated the central bank was considering action to bolster the faltering economic recovery.

The rally came despite an initial dip in stocks as Bernanke stopped short of providing provide specific details about what the rate-setting Fed might do. Minutes of the Fed's last meeting indicated the central bank was discussing the possibility of further stimulus.

The blue-chip Dow Jones Industrial Average added 78.33 points, to 12,805.54. The broader Standard & Poor's 500 Index rose 10.03 points, to 1,363.67. The technology-heavy Nasdaq Composite Index was up 13.1 points, to 2,910.04.

The US currency slipped against the euro to 81.36 euro cents from 81.48 euro cents on Monday. The dollar gained against the Japanese currency to ¥79.09 from ¥78.84.