News Summary: Stocks edge higher after Bernanke

AP News
|
Posted: Jul 17, 2013 4:47 PM

TESTIMONY: Federal Reserve Chairman Ben Bernanke soothed investors with reassurances that the U.S. central bank had no "preset" plan to pull back from its stimulus measures. Stocks fell in June on concerns that the Fed was poised to start pulling back on its stimulus.

BANK EARNINGS: Bank of America and the Bank of New York Mellon posted earnings that surpassed the expectations of Wall Street analysts. The results followed good earnings from other banks including Goldman Sachs and JPMorgan.

ALIBABA GAIN: Yahoo surged 10.3 percent to $29.66 after reassuring investors that it planned to keep buying back its own stock. The ongoing benefit from its minority stake in the Chinese Internet company Alibaba Group also impressed. Revenue jumped 71 percent at the Chinese company and net income gained three-fold.