The Dow closed up + 77.98 (+0.58%) at 13,515.11.
That half-percent move in the Dow brought new 52 week highs from GE, VZ, PFE, HD, IBM and TRV. And the Dow pulled back from its high.
There were only four Dow stocks down today which included MSFT (-0.91%), CAT, DIS and CSCO.
The 26 Dow stocks higher were led by UNH (+1.89%), AXP, BAC, IBM and JPM.
U.S. Federal Reserve Chairman Ben Bernanke today said the Fed did not foresee a recession but growth was too slow to bring down the nation’s jobless rate. U.S. jobs data due on Friday will offer the first glimpse into the state of the U.S. economy after the Fed embarked on new stimulus last month. The unemployment rate has been stuck just above 8% since the start of the year.
Bernanke also asked for Congress to address the so-called fiscal cliff. The onset of higher taxes and reduced spending at the beginning of 2013. Without action from lawmakers, the fiscal cliff could throw the economy back into recession.
The dollar was down against the euro, but rose versus the British pound and Japanese yen.
Oil for November delivery added 29 cents to settle at $92.48 a barrel.
Gold futures for December delivery jumped $9.40 to settle at $1,783.40 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.62% from 1.64% late Friday.
It looks like tomorrow we get earnings reports from MOS, TISI, AYI, MTL, XRTX and RECN.