US stocks gain ground after Bernanke comments

US stocks advanced today as Wall Street brushed aside concerns about a Chinese interest rate hike to focus on comments by Federal Reserve Chairman Ben Bernanke that a pause in US rate increases may be ahead.

The Dow Jones industrial average gained 28.02, or 0.3%, to close at 11,382.51.

Broader stock indicators also moved higher. The Standard & Poor’s 500 index rose 4.31, or 0.3%, to 1,309.72, and the Nasdaq composite index rose 11.32, or 0.5%, to 2,344.95.

In trading pushed and pulled by the cross currents of earnings reports, fluctuating energy prices and international events, Bernanke’s comments overrode all other distractions, analysts said.

“What he’s coming through very clearly and saying is we will probably pause soon but don’t assume we’re done because we pause.

"But I think the market is just reacting to: ‘Hey, hey, Ben said we might be done soon’,” said Jeff Kleintop, chief investment strategist for PNC Wealth Management. “Whenever you take a little uncertainty out of the picture, well, the market is going to like that.”