Stocks closed with modest gains, Wednesday, matching the Federal Reserve's latest assessment of economic conditions around the nation that found growth in recent weeks was "modest to moderate."
Fed Chairman Ben Bernanke also help lift stocks earlier, again saying the central bank won't begin tapering its bond-buying stimulus program until economic conditions warrant. Most sectors in the S&P 500 finished with moderate gains, led by shares of mining and materials company despite a decline for gold and other metals.
Bernanke said the central bank's bond purchases "are by no means on a preset course," telling the House Financial Services Committee it could be reduced more quickly or expanded as economic conditions dictate.
"We're going to be responding to the data," he said.
Economic data included June housing starts which rose by only 836 million against market expectations for a gain of 951 million. Permits increased only 911 million versus Wall Street estimates of a more robust 990 million increase in new housing permits.
Commodities were mixed. Crude oil for August delivery settled 48 cents higher at $106.48 a share while August gold fell 412.90 to $1,277.90 an ounce.
Here's Where The U.S. Markets Stood At Day's End
- Dow Jones Industrial Average up 18.67 (+0.12%) to 15,470.52
- S&P 500 up 11.50 (+0.32%) to 3,610.00
- Nasdaq Composite Index up 11.50 (+0.32%) to 3,610.00
- Hang Seng Index up 0.28%
- Shanghai China Composite Index down 1.01%
- FTSE 100 Index up 0.24%
- (+) UQM, Inks three-year contract to supply the power trains for a new fleet of electric vehicles in Boulder, Colo.
- (+) AVAV Engaged Capital LCC acquires 5.1% stake in the aerospace and defense manufacturer, saying it believes the company is poised to capitalize on the increased use of unmanned drones.
- (+) MEAD, Scraps JOCNA buyout for $5.5-mln acquisition By Sunny Optics, with shareholders receiving $4.21 in cash for each share they now own - a 15% premium over Tuesday's closing price.
- (-) DELL, Shares slide amid speculation CEO Michael Dell may not yet have the votes to move ahead with his proposed $14.6-bln buyout of the computer-maker. The special shareholders meeting is scheduled to begin Thursday at 8 a.m. CT.
- (-) ZAGG, Lowers Q2 revenue guidance to $51 mln, trailing analyst expectations by $8.2 mln. Also reduces FY13 revenue projections to $245 mln to $252 mln, lagging the Street view by at least $21 mln.
- (-) SPN, Warns Q2 earnings will trail Wall Street expectations, due to equipment downtime and adverse spring weather. Sees Q2 EPS of $0.42 to $0.44, trailing the analyst consensus by at least $0.06 per share.
Copyright © 2013 MT Newswires, a Division of MidnightTrader, Inc.