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Stocks Rise as Bernanke Hints That Fed May Pause Rate Increases
As the Bernanke-inspired rally played out in markets around the world, the Dow rose 212.19, or 1.96 percent, to close at 11,011.42. Broader stock indicators also gained sharply. The Standard & Poor's 500-stock index rose 22.95, up 1.86 percent, to 1259.81, and the Nasdaq composite index rose 37.49, or 1.83 percent, to 2080.71.
Movers
International Business Machines rose $1.81, to $76.07, after it reported second-quarter earnings that beat analyst estimates.
  Federal Reserve Board Chairman Ben Bernanke delivers the board's Monetary Policy Report to the Senate Banking Committee in Washington Wednesday, July 19, 2006. Bernanke told Congress on Wednesday that record high oil prices are a concern, but that a slowing economy should moderate inflation down the road. (AP Photo/Dennis Cook) (Dennis Cook - AP)
VIDEO | Federal Reserve Chairman Ben Bernanke addresses members of the Senate Banking Committee.
• Bernanke Hints Increases May Pause• GRAPHIC: Misreading His Lips
Ben S. Bernanke
On Monday, Oct. 24, 2005, President Bush nominated Ben S. Bernanke, chairman of the president's Council of Economic Advisers, to succeed Federal Reserve Chairman Alan Greenspan when he retires in January. Learn more about Bernanke's background and nomination. Alan Greenspan's Tenure In 1987, Alan Greenspan was sworn in as Chairman of the Federal Reserve. Look back at his more than 18-year career through four presidencies with analysis of his legacy, a compilation of stories about his tenure and archived photographs. Save & Share | |||||||||||||||||||||||
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Bank of America rose $1.51, to $49.95, after it said its acquisition of MBNA helped lift second-quarter profit above Wall Street projections.
J.P. Morgan Chase rose $2.34, to $43.05, after the nation's third-largest bank reported strong second-quarter profit growth.
Indexes
New York Stock Exchange composite index rose 178.29, to 8076.65.
American Stock Exchange index rose 28.74, to 1911.54.
Russell 2000 index of smaller-company stocks rose 20.70, to 702.34.
Volume
NYSE: 2.83 billion shares, up from 2.58 billion on Tuesday. Advancers narrowly outnumbered decliners 6 to 1.
Nasdaq: 2.35 billion shares, up from 2.04 billion. Advancers narrowly outnumbered decliners 10 to 3.
Commodities
Crude oil for August delivery: $72.66, down 88 cents.
Gold for current delivery: $641.60 a troy ounce, up from $628.30 on Tuesday.
The Associated Press contributed to this report