U.S. stocks turned higher Tuesday after Federal Reserve Chairman Ben Bernanke warned of increasing economic risks.
In a semi-annual report presented to the Senate's Banking, Housing and Urban Affairs Committee in Washington, Bernanke said, "risks to economic growth have increased."
The Labor Department said consumer prices were unchanged May to June, a sign the recovery has stalled. The National Association of Home Builders, however, said builder confidence had risen to its highest level in nearly a decade in July.
Stocks reversed early losses in early-afternoon trading in New York with the Dow Jones industrial average gaining 84.50 points or 0.66 percent to 12,811.71. The Nasdaq composite added 14.74 points or 0.51 percent to 2,911.68. The Standard & Poor's 500 index was up 9.51 points or 0.7 percent to 1,363.15.
The benchmark 10-year U.S. treasury note fell 8/32 to yield 1.504 percent.
The euro rose to $1.2273 against the U.S. dollar from Monday's $1.2272. Against the yen, the dollar rose to 79.08 from Monday's 78.86.
In Japan, the Nikkei 225 index added 0.35 percent, 30.88, to 8,755.
In London, the FTSE 100 index shed 0.59 percent, 33.34, to 5,629.09.
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