Stocks Push Higher Into the Close

After trading in and out of positive territory all day, following two days of intense selling, stock pushed higher into the close as investors looked for bargains in beaten-up groups and try to put Eurozone troubles out of mind.

The Dow closed up 123 points to close at 9,940, the Nasdaq fell 3 and the S&P 500 is up 12.

Speaking at an event last night sponsored by the Woodrow Wilson International Center for Scholars, Federal Reserve Chairman Ben Bernanke said he continues to see the U.S. economy recovering, although it won't be strong. Bernanke said the slow economic recovery will keep unemployment rates high.

Commenting on interest rates, Bernanke said the Fed won't be able to wait for a recovery in jobs before raising interest rates.

Bernanke said the Fed is monitoring the economic crisis in Europe, and believes leaders their have taken the right steps to deal with the problems.

News in Europe was mixed today with Germany unveiling nearly $100 billion in budget cuts, but the U.K. getting a warning from rating agency Fitch that fiscal challenges warrant a faster pace of deficit reduction.

Weakness in Apple (Nasdaq: AAPL) is contributing to the downside in the Nasdaq today. Apple fell 0.6%.

McDonald's (NYSE: MCD) sales continue to outpace expectations as cash-strapped consumers flock to the restaurant chain's value menu. The company said global same store sales rose 4.8% in May. In the U.S. sales rose 3.4% and the company saw a 5.7% jump in Europe and a 3.8% rise in Asia Pacific/Middle East/Africa. McDonald's said foreign currency translation will have a negative impact on net income per share for the full year, although the comapny sees minimal to no effect from foreign exchange in Q2.

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