US Stocks Gained On Greenspan Talk

US stocks rose on Tuesday after the US Federal Reserve chairman Alan Greenspan played down oil's effect on the nation's economy.

The Dow Jones industrial average rose 37.32 points, or 0.36 percent, to 10,458.46 points. The Nasdaq composite index added 8.25 points, or 0.41 percent, to 1,999.32 points. The Standard & Poor's 500 index gained 5.27 points, or 0.45 percent, to 1,181.39 points.

Greenspan told a group of US energy producers that more refining capacity was needed around the world, but that energy demand was already starting to soften, a trend that could help bring prices down.
Stock investors believed Grenspan?s remarks showed that the Fed would not raise interest rates aggressively.