NEW YORK (Reuters) - Stocks pushed into positive territory on Wednesday, sending the Nasdaq up more than 1 percent, as investors bet a $700 billion financial- sector bailout might free up money for tech spending.
The broader market also got a brief lift from reports suggesting the Bush administration might accept curbs on executive pay as a condition for passage of the bailout.
However, CNBC television reported no such deal had been reached.
Earlier, Federal Reserve Chairman Ben Bernanke urged Congress to approve the bailout plan, saying continued strains in bank lending would hurt households and businesses and further weaken the U.S. economy.
The Dow Jones industrial average <.DJI> was up 53.36 points, or 0.49 percent, at 10,907.53. The Standard & Poor's 500 Index <.SPX> was up 7.66 points, or 0.64 percent, at 1,195.88. The Nasdaq Composite Index <.IXIC> was up 24.91 points, or 1.16 percent, at 2,178.24.
(Reporting by Steven C. Johnson; Editing by Jan Paschal)
