Market recap: Stocks closed modestly higher (Nasdaq hits 13-year high) after trading in positive...

|By:, SA News Editor
Market recap: Stocks closed modestly higher (Nasdaq hits 13-year high) after trading in positive territory for most of the session following generally dovish interpretations of Bernanke's testimony on Capitol Hill. The Chairman reiterated the need for accommodative policy and even dropped the "D" word at one point. Bank of America topped estimates, Caterpillar slid on a very unwelcome Jim Chanos short call, Abbott turned in a mixed quarter, DuPont got a lift from Nelson Peltz chatter, and Yahoo soared following Tuesday evening's Q2 report. Housing starts missed expectations and gold fell (John Paulson isn't worried).