Stocks waver after Bernanke says economy is weak
NEW YORK- The stock market wavered after Federal Reserve Chairman Ben Bernanke gave a grim assessment of the economy. Stronger earnings reports from Mattel, Coca-Cola and other big companies pushed those stocks higher Tuesday.
Bernanke said weak economic growth likely means the unemployment rate will be slow to drop. But he offered no signs that the Fed was ready to take action to bolster growth soon.
The Dow Jones industrial average is up eight points to 12,735 shortly before noon.
The Standard & Poor's 500 index is up one point to 1,354 and the Nasdaq slipped two points to 2,895.
Mattel rose 9 percent, more than any other company in the S&P 500. The country's biggest toy maker said net income rose on better sales of Barbie dolls and lower advertising costs.