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Dow posts gain for third straight day

June 7, 2012 at 7:09 PM   |   Comments

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NEW YORK, June 7 (UPI) -- The Dow Jones industrial average held on to gains Thursday after U.S. Federal Reserve Chairman Ben Bernanke poured cold water on advances earlier in the day.

Stocks started higher as officials from the Federal Reserve Bank suggested Wednesday the central bank would employ new measures to stimulate a lackluster economy. On Capitol Hill Thursday, however, Bernanke suggested stimulus measures would help the job market, but he stopped short of pledging any commitment to implementing measures at the Fed's June 19-20 policy meeting.

By close of trading on Wall Street, the DJIA held onto a 46.17 point gain, up 0.37 percent to 12,460.96.

The advances marked the first three-day rally in the index in over a month.

The Standard & Poor's 500 closed lower, dropping 0.14 points or 0.01 percent to 1,314.99. The Nasdaq Composite index shed 13.70 points or 0.48 percent to 2,831.02.

On the New York Stock Exchange, 1,388 stocks advanced and 1,663 declined on a volume of 3.7 billion shares traded.

The benchmark 10-year treasury note rose 1/32 to yield 1.639 percent.

The euro fell to $1.2568 from Wednesday's $1.2582. Against the yen, the dollar rose to 79.64 from 79.19 yen.

In Tokyo, the Nikkei 225 index added 1.24 percent, 106.19 points, to 8,639.72.

Topics: Ben Bernanke
© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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