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M. Continuo

Wall St. cuts gains after data and Bernanke


    NEW YORK (Reuters) - Stocks cut gains on Tuesday following cautious comments from Federal Reserve chairman Ben Bernanke on the economy's prospects and a report that showed further deterioration in housing.

    In remarks prepared for testimony before a Congressional panel, Bernanke said labor market conditions may be uncertain.

    Even so, a search for-beaten down shares underpinned the market a day after Wall Street slid to a 12-year low. Major indexes had risen more than 1 percent.

    The Dow Jones industrial average gained 39.99 points, or 0.59 percent, to 6,803.28. The Standard & Poor's 500 Index added 5.45 points, or 0.78 percent, to 706.27. The Nasdaq Composite Index rose 12.20 points, or 0.92 percent, to 1,335.05.

    (Reporting by Rodrigo Campos; Editing by James Dalgleish)