Stocks fall after Bernanke dims stimulus hopes
The Dow closed down 54 points, the S&P 500 lost 9 points, and the Nasdaq fell 34 points after Bernanke said the Fed has no immediate plans to institute a third round of quantitative easing
Traders work on the floor at the New York Stock Exchange in New York in this June 27 file photo. On Thursday, July 14, about four stocks fell for every one that rose.
Seth Wenig / AP / File
NEW YORK (AP) — Stocks are closing lower after remarks from Federal Reserve Chairman Ben Bernanke dimmed hopes for a third round of bond-buying.
In a second day of testimony Thursday, Bernanke told lawmakers that the Fed expected the economy to improve. He said the central bank had no immediate plans to step in with more economic stimulus. Stocks turned immediately lower after he made the remarks and fell for much of the day.
The Standard & Poor's 500 index is down 9 points, or 0.7 percent, to close at 1,309. The Dow Jones industrial average fell 54, or 0.4 percent, to 12,437. The Nasdaq composite fell 34, or 1.2 percent, to 2,763.
About four stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3.8 billion.