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Published April 3, 2008 at 6:07 PM
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 The Dow Jones Industrial Average reported a modest gain of 20.20 points Thursday to close at 12,626.03. The uptick was in part due to testimony from Federal Reserve Chairman Ben Bernanke in front of the Senate Banking Committee defending the Fed's move to make available nearly $30 billion to backstop the proposed J.P. Morgan Chase & Co. $10 per share bailout of ailing bank Bear Stearns Cos. Bernanke said that adverse impact of a Bear Stearns default would extend well beyond the financial sector, rippling through the economy due to its potential affect on asset values and the credit market.
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Bear Stearns, which could have used a boost, did not benefit from Bernanke's move, slipping 1.29% to $10.72 per share on the day. Other deal stocks saw mixed trading Thursday.
- Circuit City Stores Inc. dipped 3.23% to $4.50 per share. While not involved in a pending deal, the company has become the recent target of activist Mark Wattles of Wattles Capital Management LLC. Wattles Wednesday sent a letter pushing for the ouster of chairman and chief executive officer Philip Schoonover and the hiring of an investment bank to evaluate interest from any potential buyers. Circuit City for the past year has been working with Goldman, Sachs & Co. to sell its 900-store Canadian InterTan Inc.
- Canadian telecom giant BCE Inc. gained 2.18% to close at $35.18 per share. The Canadian Radio-television and Telecommunications Commission on March 27 approved the C$52 billion ($51.8 billion) buyout of BCE by the Ontario Teacheers' Pension Plan. The only step left, and it's a doozy: securing financing for the record-breaking buyout.
- Michael Rudnick
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