NEW YORK (AP) — Stocks are giving up their morning gains as remarks by Federal Reserve Chairman Ben Bernanke dim hopes that a third round of bond-buying might be on the way.
In a second day of testimony Thursday, Bernanke told lawmakers that the Fed was not taking more action to stimulate the economy. That cut short a morning rally. The Dow Jones industrial average had been up as many as 90 points.
Stocks rallied for much of Wednesday after Bernanke left the door open to new economic stimulus measures, but only if the economy worsened.
The Standard & Poor’s 500 index is down less than a point to 1,317 at midday. The Dow is up 22, or 0.2 percent, at 12,514. The Nasdaq composite is down 8, or 0.3 percent, at 2,789.