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*Saks rallies on report it could sell itself. NEW YORK, May 22- U.S. stocks rose on Wednesday, giving up some gains after an initial rally, after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its economic stimulus efforts.
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NEW YORK, May 22- U.S. stocks sharply cut gains after climbing as much as 1 percent earlier as investors parsed comments from Federal Reserve Chairman Ben Bernanke, who was speaking before Congress. The Dow Jones industrial average gained 69.11 points, or 0.45 percent, to 15,456.69. The Nasdaq Composite Index rose 8.95 points, or 0.26 percent, to 3,511.07.
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NEW YORK, May 22- U.S. stocks extended gains on Wednesday immediately following prepared testimony from Federal Reserve Chairman Ben Bernanke before a congressional panel. The head of the central bank said monetary stimulus is helping the economy recover, and the Fed needs to see further signs of traction before taking its foot off the gas.
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*Saks rallies on report it could sell itself. NEW YORK, May 22- U.S. stocks edged higher at the open on Wednesday, ahead of highly anticipated testimony in Congress by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy.
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NEW YORK, May 22- U.S. stocks rose slightly at the open, ahead of highly anticipated testimony in Congress by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy. The Dow Jones industrial average gained 18.20 points, or 0.12 percent, to 15,405.78. The Nasdaq Composite Index rose 1.63 points, or 0.05 percent, to 3,503.75.
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*Saks rallies on report it could sell itself. NEW YORK, May 22- U.S. stocks were set to rise at the open on Wednesday, ahead of highly anticipated testimony in Congress by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy.
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LONDON, May 22- European shares fell from multi-year highs on Wednesday, with luxury goods stocks among the worst performers, as some investors sold in anticipation of a near-term pull-back in the market. Federal Reserve chief Ben Bernanke is due to speak later in the day and the U.S. central bank is also due to release minutes of its May policy meeting.
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LONDON, May 22- European shares edged back on Wednesday from multi-year highs as the luxury goods sector lagged, with many investors reluctant to take new positions before comments on policy from the head of the U.S.
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HONG KONG, May 22- Hong Kong shares fell further from a 3-1/ 2- month high on Wednesday, with Chinese power producers extending losses, hit by a Citi downgrade on fears that a possible tariff cut could hurt profit margins.
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HONG KONG, May 22- China shares ended mixed on Wednesday, with power producers extending losses on lingering concerns that potential coal import curbs could hurt margins. The CSI300 of the leading Shanghai and Shenzhen A-share listings edged up 0.1 percent.
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TOKYO, May 22- The Nikkei average climbed 1.6 percent to a fresh 5-1/ 2- year high on Wednesday, spurred on by the Bank of Japan's optimism about the economic outlook, while Sony Corp surged on reports it may consider a proposal to spin off its entertainment assets.
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SINGAPORE, May 22- Asian stocks rose on Wednesday following a positive lead from Wall Street, with Japan's Nikkei reaching a fresh 5-1/ 2 year high and clinging to its gains as the Bank of Japan stood pat after unleashing massive stimulus last month.
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HONG KONG, May 22- Hong Kong shares started Wednesday afternoon trading lower after a severe rainstorm forced the cancellation of the morning session, with Chinese power producers again weak. The Hang Seng Index opened down 0.1 percent at 23,341.1. The China Enterprises Index of the top Chinese listings in Hong Kong also started 0.1 percent lower.
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*Nikkei rises 1.2 pct, Topix up 0.7 pct in active trade. *Sony jumps on report of assessing spin-off proposal.
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SYDNEY, May 22- Asian stocks rose on Wednesday following a positive lead from Wall Street with Japan's Nikkei reaching a 5-1/ 2 year high, while the yen took a defensive stance ahead of the outcome of the Bank of Japan's policy meeting. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, reversing some of Tuesday's 0.4 percent decline.
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TOKYO, May 22- Japan's Nikkei average climbed to a 5-1/ 2- year high on Wednesday, ahead of the outcome of the Bank of Japan meeting, buoyed by the U.S. Dow Jones and S&P 500 indexes closing at record highs. The Nikkei rose 0.5 percent to 15,455.37, its highest since December 2007, while the broader Topix gained 0.5 percent to 1,276.91.
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FED WATCH: Stock indexes wobbled in early trading Tuesday, then turned higher just before noon. That's when news crossed that James Bullard, a Federal Reserve official, told an audience that the Fed should stick with its bond-buying effort to bolster the economy.
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NEW YORK, May 21- Stock markets around the world edged higher on Tuesday amid signs of improving growth, even though questions about monetary policy limited gains. The euro was slightly higher, though a slowdown in British inflation sent sterling to a 7- week low on the view it could give the Bank of England more leeway to support the economy.
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NEW YORK, May 21- U.S. stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as comments from Federal Reserve officials eased some concerns that the central bank could start reducing its stimulus program. The Dow Jones industrial average gained 52.30 points, or 0.35 percent, to end unofficially at a record 15,387.58.
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May 22- Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported. Sony's U.S. listed shares rose 9 percent on Tuesday on the New York Stock Exchange.