At the time of posting, the DOW is up 78.33 at 12,493 after China cut interest rates for the first time since 2008 to bolster their economy. Oil futures are at $85.80 up $.78 while gold is down $30.00 at $1604.20.

Federal Reserve Chairman Ben Bernanke spoke to the Joint Economic Committee saying that he expects the economy to grow moderately this year even with the disappointing job report for May. The Fed stands ready to do more to stimulate the economy, but nothing is imminent.

Initial jobless claims fell by 12,000 last week to 377,000 indicating some progress in the labor market after a two month slowdown in hiring. The Labor Department reported that companies may have to start hiring if business picks up after U.S. worker productivity fell between January and March of this year.

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