Wednesday’s session ended with slight gains. Stocks traded up in the wake of comments from Federal Reserve Chairman Ben Bernanke. In testimony before the House Financial Services Committee in Washington, D.C., Mr. Bernanke said, “If needed, the Committee would be prepared to employ all of its tools, including an increase in the pace of purchases for a time, to promote a return to maximum employment in a context of price stability.” Additionally, the Federal Reserve’s Beige Book report covering activity from the end of May through the beginning of July was released today and showed the U.S. economy maintained a “modest to moderate pace” of expansion. On another note, Bank of America moved up after releasing encouraging earnings. Second-quarter net profit rose 63% to $4 billion, from $2.5 billion, a year ago. Elsewhere, the Commerce Department said housing starts decreased to a less-than-expected annual rate of 836,000 in June from an upwardly revised 928,000 in May. Economists were expecting 959,000 starts.
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