U.S. stocks gained on Wednesday, snapping a three-day losing streak, after the Federal Reserve Chairman Ben Bernanke said the central bank is prepared to take additional actions to stimulus the economy.
In his testimony before Congress, Bernanke said options include a third bond-buying program to keep interest rates low, if the economy appears to be in danger of stalling. "The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support," Bernanke said.
Stocks also got a lift after data showed China's economy expanded at 9.5 percent in the second quarter, slower than the 9.7 percent growth in the first quarter but still very robust.
The Dow Jones industrial average gained 44.73 points, or 0.36 percent, to 12,491.61. The Standard & Poor's 500 jumped 4.08 points, or 0.31 percent, to 1,317.72. The Nasdaq Composite Index rose 15.01 points, or 0.54 percent, to 2,796.92.
