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Stock rally fades as hopes dim for more stimulus

The Dow rose 45 points, the S&P 500 gained 4.1 points, and the Nasdaq closed 15 points higher after Ben Bernanke announced that the Fed would be open to the possibility of additional stimulus

By FRANCESCA LEVYAssociated Press / July 13, 2011

In this July 11, 2011 file photo, Michael L. Guli of Knight Capital Americas, L.P., works on the floor at the New York Stock Exchange in New York. World stock markets advanced Wednesday, July 13, bolstered by robust Chinese growth figures that led to a solid day in Asia. Gains were limited in Europe as trading began amid ongoing worries about the continent's debt problems. (AP Photo/, file)

Seth Wenig / AP

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NEW YORK (AP) — U.S. stocks are giving up some of their gains as Ben Bernanke ends the first of two days of congressional testimony.

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Major indexes had surged as much as 1.4 percent after Federal Reserve Chairman Bernanke said the central bank would keep open the possibility of new stimulus measures. Bernanke said the Fed would only take action if economic conditions got much worse.

The Standard & Poor's 500 index rose 4.1, or 0.3 percent, to close at 1,318. The Dow Jones industrial average rose 45, or 0.4 percent, to 12,492. The Nasdaq composite rose 15, or 0.5 percent, to 2,797.

About two stocks rose for every one that fell on the New York Stock Exchange. Volume was relatively light at 3.3 billion shares.