July 22, 2010 9:23 PM

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US stocks fall as Bernanke unsettles investors?

Federal Reserve Chairman Ben Bernanke's dour assessment of the U.S. recovery hit U.S. stocks yesterday, as his comment that the economy faced "unusually uncertain" prospects rattled investors. Stocks tumbled after Bernanke acknowledged the labor market's continued weakness while offering few specific options to stimulate lending and investment. So, the Dow Jones industrial average lost 110 points, or 1.1 percent, to 10,120. The Standard & Poor's 500 fell 14 points, or 1.3 percent, to 1,070. And the Nasdaq Composite index dropped 35 points, or 1.6 percent, to 2,187. Bernanke spoke to the Senate Banking Committee in the first of two days of his semiannual testimony to Congress. His downbeat remarks sapped most of the buying interest even after a spate of strong earnings reports prior to the market's open. Morgan Stanley was one of the day's few big winners after it reported stronger-than-expected profit. In other news driven counters Apple Inc, cellphone chip supplier Qualcomm Inc, online market company eBay Inc and Well fargo & Co rose after better-than-expected results.

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