By Leah Schnurr NEW YORK (Reuters) - Stocks rose on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its stimulus efforts. The head of the central bank said the Fed's monetary stimulus was helping the economy recover, but emphasized the high costs of unemployment and inflation that continues to run below the Fed's target. The testimony before a Congressional panel helped boost indexes by as much as 1 percent. ...

NEW YORK (AP) — Stocks are moving higher Wednesday after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its economic stimulus programs.

LONDON (AP) — The International Monetary Fund has called on Britain to do more to support the economic recovery, urging the government Wednesday to speed up investment in infrastructure and come up with a plan to privatize its bailed out banks.

By Ryan Vlastelica NEW YORK (Reuters) - Stock markets around the world rose on Wednesday after Federal Reserve Chairman Ben Bernanke signaled that the U.S. central bank's stimulus program would remain intact. In testimony to Congress, Bernanke said the Fed's monetary policy was still providing significant benefits to the economy and that prematurely tightening it would carry substantial risks. Shares were volatile, at one point jumping 1 percent before paring those gains as Bernanke said that economic improvement would lead the Fed to consider tapering its stimulus. ...

By John Tilak TORONTO (Reuters) - Canada's main stock index rose on Wednesday to a two-month high, helped by gains across most major sectors on optimism that the U.S. Federal Reserve will keep its easy money policy in place for now. Fed Chairman Ben Bernanke said the central bank's monetary stimulus is helping the U.S. economy recover, and the central bank needs to see further signs of traction before taking its foot off the gas. Bernanke's testimony fueled a jump in the price of bullion, which often rises on commentary backing easy monetary policies, and lifted shares of gold companies. ...

By William Schomberg and David Milliken LONDON (Reuters) - Britain's government should spend more now to fund investment and steer its economy back to recovery, the International Monetary Fund said on Wednesday, a call unlikely to be heeded by Chancellor George Osborne. Economic data earlier on Wednesday highlighted the challenge facing Osborne. Retail sales slumped last month while a measure of public borrowing jumped to a record high. ...

By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday. In testimony that offered no sign that he is ready to retreat from the Fed's latest round of bond buying, Bernanke emphasized the high costs of unemployment and inflation that continues to run below the Fed's target. ...

By Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years, which should support the housing sector and the overall economic recovery. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009. The increase, however, was below expectations for a rise to a 4.99 million-unit rate last month. Compared to April last year, home resales were up 9.7 percent. ...

ACCRA (Reuters) - Ghana's central bank raised its prime interest rate by one percentage point to 16 percent on Wednesday, citing potential inflation risks from a weakening cedi currency and high government spending. Central Bank Governor Henry Kofi Wampah said Wednesday's monetary policy committee also discussed risks to economic growth from lower commodity prices, weaker business and consumer confidence, tighter credit and challenges in the fledgling energy sector. ...

By Dhanya Skariachan (Reuters) - Staples Inc missed analyst estimates for profit and sales in the first quarter, hurt by a stronger dollar and weak sales in Europe and Australia. The lackluster numbers from the largest U.S. office supply chain came after rivals Office Depot Inc and OfficeMax Inc also reported weaker-than-expected results. Office supply retailers, often seen as a barometer of economic health, have suffered as demand for their products fell after the recent U.S. recession and during the economic crisis in Europe. They also face strong competition from Amazon. ...

(Reuters) - It is too soon to determine whether to dial down the Federal Reserve's massive bond-buying program, and the economic picture may not be clear enough to make that decision for another three or four months, an influential U.S. central bank official said. New York Fed President William Dudley, a close ally of Chairman Ben Bernanke, said on Bloomberg TV that it was possible to taper down the $85 billion in monthly asset purchases by the fall "if the economy does better and if the labor market continues to improve" in the face of tighter fiscal policies. ...

By Stanley White TOKYO (Reuters) - The Bank of Japan vowed on Wednesday to take necessary steps to reduce volatility in bond markets that has threatened to jeopardize the government's fight to end deflation and revive growth. The central bank upgraded its assessment of the economy for a fifth straight month, saying it "has started picking up," as Prime Minister Shinzo Abe's policy prescription of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...

LILONGWE (Reuters) - Malawi's luxury presidential jet, bought by late leader Bingu wa Mutharika, has been sold for $15 million to raise cash for the impoverished African country, a government official said on Wednesday. Mutharika, who left the economy on the brink of collapse after he picked a fight with donors whose support accounted for almost 40 percent of the budget, bought the jet for $22 million in 2009. He said the plane matched his status and was cheaper than flying commercially. ...

By Olesya Dmitracova and Christina Fincher LONDON (Reuters) - British retail sales dropped at their sharpest pace in a year last month, a reminder of weakness in the country's economy after some recent signs of recovery. Sales of food plunged 4.1 percent from March, the worst showing in almost two years. As the government prepared to face a call from the International Monetary Fund to do more to help growth, official data also underscored the size of the budget deficit, which hit a record high on one measure last month. Retail sales volumes including automotive fuel fell 1. ...

BANGKOK (AP) — World stock markets were mixed Wednesday, hours before Federal Reserve chairman Ben Bernanke is to deliver remarks before Congress on the state of the U.S. economy.