Markets close mixed on Bernanke remarks

Investors didn't hear what they wanted from Federal Reserve Chairman Ben Bernanke.

An early rally in stocks faded in the afternoon Thursday after Bernanke signaled no immediate further steps from the Fed to stoke economic growth in the United States, which has shown signs of faltering.

A report that Americans cut back sharply on their credit card purchases in April, suggesting consumers were losing confidence, also took some steam out.

The Dow Jones industrial average had been up as much as 140 points but closed up 46.17 points, or 0.37 percent, at 12,460.96.

"The market is addicted to easy money, and Bernanke has the job of not pulling the trigger unless the situation needs stabilizing," said Doug Roberts, chief investment strategist at investment company Channel Capital Research.

Weaker hiring in May and comments by a Fed regional president had led some investors to hope that the Fed might try something new. The stock market enjoyed its biggest rally of the year on Wednesday.

Thursday's early rally came after China cut its benchmark lending rate for the first time in nearly four years, adding to efforts to reverse a sharp slowdown in economic growth there.

The Standard & Poor's 500 index ended down 0.01 percent at 1,314.99. The Nasdaq composite index finished down 0.48 percent at 2,831.02.