FILE- In this Friday, June 1, 2012, file photo, Trader Edward Curran, center, works on the floor of the New York Stock Exchange. Wall Street was set to open Thursday June 7, 2012 a little higher. Dow Jones industrial futures rose 0.1 percent to 12,431 and S&P 500 futures added 0.2 percent to 1,317.80.(AP Photo/Richard Drew, File)
FILE- In this Friday, June 1, 2012, file photo, Trader Edward Curran, center, works on the floor of the New York Stock Exchange. Wall Street was set to open Thursday June 7, 2012 a little higher. Dow Jones industrial futures rose 0.1 percent to 12,431 and S&P 500 futures added 0.2 percent to 1,317.80.(AP Photo/Richard Drew, File)
NEW YORK (AP) ? Stocks are rising on Wall Street after China moved to boost its slowing economy, but an early rally faded after Federal Reserve Chairman Ben Bernanke gave no signal of immediate action to prop up the U.S. economy.
The Dow Jones industrial average was up 96 points at 12,511 just before noon Thursday. It had been up as much as 140 points earlier. The Standard & Poor's 500 index rose seven points to 1,322 and the Nasdaq composite index rose nine to 2,854.
China cut its benchmark lending rate for the first time in nearly four years.
Bernanke told Congress that the Fed remains ready to act if the economy needs it, but he didn't say any new steps were on the way.
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