Stocks give up some gains on Bernanke remarks

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Stocks are giving up some of their gains after comments from Federal Reserve chairman Ben Bernanke.

The Dow Jones industrial average had risen as much as 121 points in morning trading. But after Bernanke’s comments, the Dow was up 32 points to 13,030.

Bernanke says the Federal Reserve will provide more help if the economy doesn’t improve. But he stopped short of committing the Fed to any specific move, such as another round of bond purchases to lower long-term interest rates.

Also Friday, the Commerce Department said U.S. factory orders rose 2.8 percent in July, but the business investment sector fell sharply.

The Standard & Poor’s 500 index is up 0.86 points to 1,400. The Nasdaq is down six points at 3,042.