Small caps close in the green

The Russell 2000 (NYSE:IWM) posted a modest gain despite news of bearish comments from U.S. Federal Reserve chairman Ben Bernanke. The small-cap index rose 1.62 points, or 0.23%, to 712.27. The Dow Jones Industrial Average fell 45.44 points, or 0.36%, to 12,608.92.

On a year-to-date basis, the Russell 2000 is down 7.02%, while the Dow has shed 4.94% and the S&P 500 has retreated 6.87%.

“It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly,” Bernanke told the congressional Joint Economic Committee after the start of trading.

The comment was made public before the start of the testimony, resulting in a bearish opening.

The assessment contradicts a report by payroll company Automatic Data Processing, Inc. (NYSE:ADP) before the start of trading showing . . .

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