Updated from 2:57 p.m. EDT
Ben Bernanke attempted to clarify last week's Federal Open Market Committee statement in his testimony to the Joint Economic Committee Wednesday. But the market wasn't wooed by his words. If anything, traders now know that the Fed shares their uncertainty about the economy's future.
The Dow Jones Industrial Average plunged as the testimony headlines ran at 10:30 a.m. EDT, but Bernanke was by no means alone in Wednesday's market psyche. Stocks staged a weak open on news of heightened political tensions with Iran and a spike in oil prices, news of an investigation into Beazer Homes(BZH Quote), and a soft report of business spending.
After trading as low as 12,257.42 intraday, the Dow finished the day down 96 points, or 0.8% to close at 12,299.15. The S&P 500 closed the day down 0.9% at 1417.16, and the Nasdaq Composite slid 0.8% to close at 2417.10. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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DOWN
19.14
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DOWN
37.61
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DOWN
0.48
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10 Yr
3.23%
SPDR Gold
115.06
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-1.48%
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-1.72%
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-1.73%
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-1.46%
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Data delayed 20 minutes |
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