Bernanke Stands Pat, Sends Stocks Tumbling

Dow tumbles below 11K
By Kevin Spak,  Newser Staff
Posted Aug 26, 2011 9:15 AM CDT
In this file photo taken Feb. 17, 2011, Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill.   (AP Photo/J. Scott Applewhite/File)

(Newser) – Ben Bernanke didn’t give any sign that the Fed was about to take fresh action to prop up the economy in his speech at Jackson Hole today, sending stocks tumbling. Bernanke said the Fed “is prepared to employ its tools as appropriate to promote a stronger economic recovery,” but added that “the growth fundamentals of the United States do not appear to have been permanently altered,” according to the Wall Street Journal.

The Dow fell hard on the speech, dropping below the 11,000 mark. As of 10:15am it was down about 178 points, while the Nasdaq and S&P fell 23 and 16 points, respectively.

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