Stocks rise after Bernanke signals no quick end to stimulus and home sales rise

NEW YORK — Stocks are moving higher after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its massive economic stimulus programs.

Investors were also encouraged by news that sales of previously occupied U.S. homes rose last month to the highest level in three and a half years.

In this Aug. 11, 2010 photo, specialist John Urbanowicz, left, talks with a colleague on the floor of the New York Stock Exchange. Stocks are opening Wednesday, May 22, 2013, slightly higher as investors watch for the latest moves from the Federal Reserve. (AP Photo/Richard Drew)

The Dow Jones industrial average was up 108 points at 15,495 points as of noon Wednesday, an increase of 0.7 percent. It was up 40 points before Bernanke started speaking at 10 a.m.

The Standard and Poor's 500 rose 10 points to 1,679, an increase of 0.6 percent.

The Nasdaq composite was up 17 points at 3,518, or 0.5 percent.

The Federal Reserve is set to release minutes later Wednesday from its most recent policy meeting.

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