Positive economy news from Fed Chairman

WASHINGTON, D.C. -- There is some positive for change on the economy.

The Federal Reserve Chairman gave an update on the economy on Capital Hill and despite the recent jobs report, Ben Bernanke says things are looking up.

Bernanke also says that there are some encouraging  signs of improvement despite the slow recovery.

"Labor markets conditions improved in the latter part of 2011 and earlier this year, economic growth appears poised to continue at a moderate pace over the coming quarters," Bernanke said.

Overseas stocks rallied on the news that Europe agreed to bail-out Spain's banking system.