Stocks Bounce Back after Tuesday's Steep Fall

The Dow Jones Industrial Average closes up 50 points, a contrast from Tuesday, when the broader market experienced its biggest losses in five and a half years.

Wall Street leapt out to early gains the morning after Tuesday's 416-point drop in the Dow Jones Industrial Average, and it held on for a rally that eased fears of a deeper slump. Investors had been anxious following a market sell-off in China.

While Chinese stocks also made gains overnight, shares in Europe and elsewhere in Asia fell for a second day.

Wednesday morning, Federal Reserve Chairman Ben Bernanke told Congress that he still expects moderate growth in the U.S. economy.

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