The Nasdaq rose and the broader market was mixed Wednesday as investors welcomed Federal Reserve (Fed) Chairman Ben Bernanke's comments that the U.S. central bank is likely to keep cutting interest rates, but remained wary about the economic outlook. Stocks had a volatile morning, as investors considered weak reports on U.S. housing and manufactured goods, near-record oil prices, and a record-low U.S. dollar versus the euro. But two mid-morning events helped stocks erase losses and turn higher until momentum faded in the afternoon. Freddie Mac and Fannie Mae shares jumped on news that the mortgage lenders will see the restrictions on the size of their portfolios removed, freeing up billions of dollars for investing in the housing market. Investors also welcomed Bernanke's congressional testimony, in which he said that the problems in housing, the labor market and the credit markets could pose a “downside risk” to the Fed's current economic outlook. He also said that inflationary pressures are higher than they were in recent months. Still, he indicated that the central bank is likely to continue reducing interest rates in the near term. In economic news, U.S. durable-goods orders fell by 5.3 percent in January due to the slowing economy. It was the biggest drop in five months and worse than analysts had expected. Another government report showed January new-home sales fell to an annual rate of 588,000 units from a 605,000-unit pace the previous month. Light sweet crude oil for April delivery fell 83 cents to $100.05 a barrel on the New York Mercantile Exchange after a government report showed inventories rising for the seventh consecutive week. Earlier, oil futures hit an electronic trading record of $102.08. The Dow Jones industrial average rose 9.36, or less than 0.1 percent, to 12.694.28. The European Union fined Microsoft a record $1.3 billion for charging rivals too much to make compatible software. The software giant said that the fines were about past issues and the company is now working to make its products more accessible. Its shares fell 0.4 percent. The broader Standard & Poor's 500 index fell 1.27, or 0.1 percent, to 1,380.02. The technology-heavy Nasdaq composite index rose 8.79, or 0.4 percent, to 2,353.78. Autodesk reported poor earnings and outlook, and its shares fell 14 percent. The New York Stock Exchange composite index fell 9.91 to 9,292.89. The American Stock Exchange composite index rose 6.87 to 2,354.68. And the Russell 2000 index fell 0.86 to 716.44.