NEW YORK (AP) — Stocks are creeping higher in early trading following reassurances from Federal Reserve chairman Ben Bernanke that the domestic economy is recovering.
Bernanke’s comments come after another late-day plunge sent the Dow Jones industrial average to its lowest level in seven months. The Fed chairman says a recovery in the U.S. will be slow. He also says European leaders are taking proper steps to control deficits.
European markets are down Tuesday as investors remain cautious about the continent’s recovery. Fitch Ratings says the United Kingdom is facing major fiscal challenges.
The Dow is up 9.45, or 0.1 percent, at 9,825.41. The Standard & Poor’s 500 index is up 1.53, or 0.2 percent, at 1,052.00, while the Nasdaq composite index is up 3.27, or 0.2 percent, at 2,177.17.
