NEW YORK (AP) — Stocks are moving higher Wednesday morning after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its massive economic stimulus programs.
Investors were also encouraged by news that sales of previously-occupied U.S. homes rose last month to the highest level in three and a half years.
Stocks opened with modest gains, then rose sharply after 10 a.m. when Bernanke started speaking in front of Congress and the National Association of Realtors released its report on home sales.
The Dow Jones industrial average jumped 112 points to 15,499 points as of 10:18 a.m., a gain of 0.7 percent. It was up 40 points before Bernanke started speaking.
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