Stocks Hold Higher Ahead of Bernanke Speech

(TheStreet) -- Stocks held gains Tuesday, rebounding after four-straight losing sessions, as basic materials, conglomerates and consumer stocks rose ahead of comments on the economic outlook from Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average was up by 73 points, or 0.6%, at 12,1563. The S&P 500 was higher by 8 points, or 0.6%, at 1294, and the Nasdaq was ahead by 14 points, or 0.5%, at 2716. The basic materials sector got a lift from news that corrugated packaging and building products company Temple-Inland TIN launched hostile bid to buy International Paper IP for more than $3 billion. Despite a rejection from Temple-Inland, the target's stock is soaring 40.5% to $29.51. Shares of International Paper have gained 1.3% at $30. Continue reading the article.