This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Finish Mixed After Bernanke Buzzkill, Spain Downgrade

NEW YORK ( TheStreet) -- U.S. stocks closed on a mixed note Thursday, held in check by Federal Reserve Chairman Ben Bernanke's non-committal stance on additional stimulus measures and a downgrade of Spain's credit rating by Fitch.

The Dow Jones Industrial Average rose 46 points, or 0.4%, to close at 12,461, settling more than 90 points below a session high of 12,555.

The S&P 500 finished flat at 1315, snapping a three-day winning streak. The Nasdaqshed nearly 14 points, or 0.5%, to finish at 2831.

Breadth was mixed on the Dow with 16 of 30 components finishing in the green. Procter & Gamble (PG), United Technologies (UTX) and Home Depot (HD) were the biggest gainers.

Blue-chip decliners included Bank of America (BAC - Get Report) and Hewlett Packard (HPQ).

Wall Street got an early lift after the People's Bank of China slashed its benchmark lending and deposit rates by 0.25 percentage points to prevent excessive cooling of economic growth in the country.

The PBOC also said that it will give the green light for the deposit rate to soar by 110% of the benchmark rate and the lending rate to decline to 80% of the benchmark.

That added to already heightened expectations that Fed Chairman Ben Bernanke would hint at the possibility of more quantitative easing to boost the U.S. economy in his testimony before the Joint Economic Committee in Congress on Thursday.

Bernanke, though, retained a neutral tone on the topic of monetary easing in his testimony suggesting the central bank intends to remain in wait-and-see mode, and may not take action at the FOMC meeting in two weeks.

The chairman maintained that the situation in Europe continues to pose significant risks to the U.S. financial system and economy, and that "as always," the Federal Reserve remains "prepared to take action as needed" and that it has the tools available to do this.

He added that if the so-called "fiscal cliff" were allowed to occur with the severe tightening of fiscal policy -- built into the current law -- at the start of the next year, it could "pose a significant threat to the recovery."
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $12.20 -0.57%
LULU $56.86 -1.90%
AAPL $95.01 0.00%
FB $99.51 -0.24%
GOOG $677.65 -0.75%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs