NEW YORK | Thu Jun 7, 2012 10:12am EDT
(Reuters) – Stocks pared steep gains on Thursday after prepared remarks from Federal Reserve chairman Ben Bernanke showed the Fed was ready to shield the economy if financial troubles mount, but he offered few hints that further monetary stimulus was imminent.
The Dow Jones industrial average .DJI rose 105.58 points, or 0.85 percent, to 12,520.37. The S&P 500 Index .SPX gained 9.08 points, or 0.69 percent, to 1,324.21. The Nasdaq Composite .IXIC added 15.80 points, or 0.56 percent, to 2,860.52. Major indexes rose more than 1 percent shortly after the open.
Softening economic data of late had raised hopes for more action to support the economy from the central bank.