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US stocks gain on confidence over Bernanke confirmation

New York, Jan 26 (Calcutta Tube) US stocks posted modest gains Monday, ending a three-day slide amid renewed confidence that Federal Reserve Chairman Ben Bernanke will be confirmed for a second term at the helm of the US central bank.

Jitters about Bernanke’s Senate confirmation pushed stocks sharply lower Friday after two prominent Democrats came out in opposition. But a concerted show of support by the White House and favourable comments from the Senate’s top Republican over the weekend appeared to ease some investors’ concerns.

The Dow Jones Industrial Average added 23.88 points, or 0.23 percent, to 10,196.78. The broader Standard & Poor’s 500 Index gained 5.02 points, or 0.46 percent, to 1,096.78. The technology-heavy Nasdaq Composite Index rose 5.51 points, or 0.25 percent, to 2,210.8.

The US currency edged lower against the euro to 70.65 euro cents from 70.74 euro cents on Friday. But the dollar climbed against the Japanese currency to 90.26 yen from 89.84 yen the previous day.

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