U.S. Stocks Pare Gain Amid Concern Fed Can’t Offset Fiscal Cliff

U.S. stocks trimmed gains as Federal Reserve Chairman Ben S. Bernanke said the central bank can’t offset the full effect of the fiscal cliff, damping optimism about the Fed’s plan to buy more Treasuries.

The Standard & Poor’s 500 Index was up 0.2 percent to 1,430.46 at 3:24 p.m. in New York after earlier climbing as much as 0.8 percent.