Stocks Hang On for Modest Gains

Market close commentary for 17 July 2013.

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U.S stocks rose modestly Wednesday after Federal Reserve Chairman Ben Bernanke  said the pace of the central bank's purchases are not a "preset course".

The S&P 500 closed higher by 0.28% while the Dow Jones Industrial Average added 0.12%. The Nasdaq Composite climbed 0.32% as investors appeared satisfied with Bernanke's congressional testimony and the results of the Beige Book survey.

Follow up:

In prepared remarks released before his testimony to Congress later in the day, Fed Chair Bernanke said the pace of the central bank’s bond purchases are not a “preset course”.

"I emphasize that, because our asset purchases depend on economic and financial developments, they are by no means on a preset course."

Bernanke reiterated that the Fed will continue to maintain its accommodative monetary policy for the foreseeable future.

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