NEW YORK: Stocks closed mixed Wednesday after the head of the Federal Reserve said unemployment may remain high for several years. The Dow Jones industrial average eked out its eighth straight day of gains, extending its longest advancing streak in nearly a year.
Major indexes traded lower for much of the day after Ben Bernanke, the chairman of the Federal Reserve, told members of the House of Representatives that the economy is strengthening but that companies haven't yet stepped up hiring. Last week, the Labor Department said the unemployment rate dropped to 9 percent in January.
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