The Dow Jones industrial average hit a new intraday high of 12,715.82 Wednesday morning as Federal Reserve Chairman Ben Bernanke told Congress the U.S. economy should grow modestly this year.

Bernanke said he stuck to the Fed's forecast that inflation will continue to ebb.

As of 10:30 a.m., the Dow Jones industrial average rose to a new intraday high of 12,715.82. The Standard & Poor's 500 index was up 8.19, or 0.57 percent, at 1,452.45 and the Nasdaq composite index rose 19.72, or 0.80 percent, to 2,479.60.

Also on Wednesday, DaimlerChrysler AG's Chrysler Group said it would lay off about 13,000 workers under a restructuring plan aimed at cutting costs and returning its U.S. operations to profitability by next year.

Shares of Chrysler rose 2.17 percent to 67.17 dollars.

Source: Xinhua