U.S. stocks closed mixed on Wednesday as existing home sales missed expectations and Federal Reserve Chairman Ben Bernanke testified on European debt crisis.

The Dow Jones industrial average lost 45.57 points, or 0.35 percent, to close at 13,124.62. The Standard & Poor's 500 was down 2.63 points, or 0.19 percent, to 1,402.89. The Nasdaq Composite Index gained 1.17 points, or 0.04 percent, to 3,075.32. the Nasdaq Composite Index hit an 11-year high in mid-day trading.

Bernanke testified on European debt crisis Wednesday before the House Government Reform Committee. The Fed chief said the Fed saw improvement in the European sovereign debt crisis. He also stated that the Fed is ready to help stabilize financial markets if conditions worsened.

On the economic front, the U.S. National Association of Realtors said existing home sales decreased 0.9 percent in February to a seasonally adjusted annual rate of 4.59 million. The figure missed previous expectations. However, the last three months have been the best for winter sales in five years, suggesting that the U.S. housing market is improving.

Meanwhile, the Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity dipped 7.4 percent in the week ending March 16.

A report from Goldman Sachs lifted investors'optimism on stock market. The investment bank said the prospects for future returns in equities relative to bonds are as good as they have been in a generation.

Meanwhile, the minutes of Bank of England's monetary policy meeting showed that the central bank kept interest rate at 0.5 percent and maintained its 325 billion pounds purchase program unchanged. However, two policy makers wanted to expand the easing program, raising expectations of further easing policy.

On other markets, the dollar barely changed as investors'risk- aversion appetite faded. Crude oil prices jumped to settle above 107 dollars a barrel, while gold rallied above 1,650 dollars an ounce.