Wall Street ends higher on better earnings reports

Dow Jones Industrial Average was up 0.62% or 78.33 points at 12805.54. Nasdaq Composite was up 0.45% or 13.1 points at 2910.04. Standard & Poor's 500 was up 0.74% or 10.03 points at 1363.67.

Markets initially slipped after Bernanke's testimony, which at first blush gave no clear indication of easing. Bernanke also told the senate banking committee that economic uncertainty is increasing mainly due to the European debt crisis and the looming "Fiscal Cliff" in the US.

US Federal Reserve Chairman Ben Bernanke offered no new hints that the central bank is planning more easing. However, in his testimony before the senate banking committee today - Bernanke repeated his pledge that the Fed was prepared to take further action as appropriate to promote a stronger economic recovery.

In earnings action, Goldman Sachs ended higher after the financial giant reported earnings, which were way above estimates despite a substantial drop from last year. Also beverage producer, Coca-Cola posted a higher-than-expected quarterly profit due to increased sales volume.

On economic data front, industrial production rose 0.4% in June, following a 0.4% dip in May. Meanwhile, consumer price index remained flat in June - following a 0.3% dip in May.

In key data to watch out for in US today, housing starts are expected to come in at 0.745 million units. Also watch out for data from weekly mortgage applications.

In the currency space, the dollar remains volatile as the Fed Chairman Ben Bernanke offered no clarity on further easing. Dollar index is currently below the 83 level.

In commodities, Nymex crude prices trade  near a seven-week high after a report showed US stockpiles fell and as Ben Bernanke said that the central bank is prepared to act to boost growth if the labor market doesn't improve.

Meanwhile, from the precious metals space, gold slips on no hints of easing.