U.S. markets close up after slipping

NEW YORK, July 21 (UPI) -- U.S. stock indexes pushed higher late Tuesday after slipping when Federal Reserve Chairman Ben Bernanke said the economy was too weak to raise interest rates.

"In light of the substantial economic slack and limited inflation pressures, monetary policy remains focused on fostering economic recovery," Bernanke told the House Financial Services Committee.

And interest rates will likely remain "at exceptionally low levels for extended periods," he said.

He also predicted that job losses would probably continue until sometime in 2010 and that unemployment was virtually certain to climb from its current rate of 9.5 percent, a 26-year high.

But on strong industrial and defense sector earnings news, traders managed a late-afternoon push of the Dow Jones industrial average, closing up a moderate 67.79 points, or a 0.77 percent increase, at 8,915.94.

The broader Standard & Poor's 500 Index closed up 3.45 points, or 0.36 percent, at 954.58.

Volume on the New York Stock Exchange topped 5.3 billion shares traded.

The technology-heavy Nasdaq advanced 6.91 points, or 0.36 percent, to 1,916.20.

The 10-year U.S. Treasury note rose 1 1/32, yielding 3.484 percent, while the 30-year bond was up 2 2/32, yielding 4.388 percent.

The U.S. dollar fell to 93.70 yen from 94.29 yen in New York late Monday. The euro, in U.S. dollars, slipped to $1.4199 from $1.4228.