The S&P 500 erased losses to turn positive and the Nasdaq was up more than 1 percent midday Tuesday after Federal Reserve Chairman Ben Bernanke said he was prepared to take more steps to help the fragile economic recovery.

The Dow Jones industrial average <.DJI> was down 63.15 points, or 0.59 percent, at 10,592.15. The Standard & Poor's 500 Index <.SPX> was up 1.51 points, or 0.14 percent, at 1,100.74. The Nasdaq Composite Index <.IXIC> put on 33.74 points, or 1.44 percent, at 2,369.57.

(Reporting by Caroline Valetkevitch; editing by Jeffrey Benkoe)