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Slow Day Sees Modest Losses

Stocks end mostly lower after Bernanke testimony

By Sam Gale Rosen, Newser Staff

Posted Apr 2, 2008 3:48 PM CDT

(Newser) – The markets slid into negative territory after Ben Bernanke's Congressional testimony on the state of the economy today, but trading was generally low-key. "Flat is good," an economist told the Wall Street Journal. "People are getting their nerve back." The Dow ended down 45.44 at 12,608.92, the Nasdaq down 1.35 at 2,361.40, and the S&P 500 down 2.65 at 1,367.53.

Bernanke's mention of recession spooked some investors, and the IMF's downward adjustment of its forecast for US growth was also a damper, Bloomberg reports. Merck shares did especially poorly, but some other companies, including Best Buy, did well. The chain reported falling profits, but earnings beat estimates, and its stock climbed thanks to forecasts of higher earnings later in the year.

Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, Wednesday, April 2, 2008, before the Joint Economic Committee. (AP Photos/Susan Walsh) (AP Photo)

Federal Reserve Chairman Ben Bernanke pauses as he speaks at the National Community Reinvestment Coalition's annual conference, Friday, March 14, 2008, in Washington. (AP Photo/Pablo Martinez Monsivais)

Stocks ended in the red today. (Getty Images)

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Slow Day Sees Modest Losses

Stocks end mostly lower after Bernanke testimony

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'Act Now' Urges IMF Head, Warning of Recession Risks

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OTHER STORIES ON OUR RADAR

Ben Bernanke • stock market • Merck • International Monetary Fund • IMF • Best Buy

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Fed 'Will Get on Top of This,' Says Bernanke Mentor

Scope 'far exceeds' that of previous crises

Strauss-Kahn Cheered on Return to IMF

Former IMF chief pays staffers farewell visit

'Act Now' Urges IMF Head, Warning of Recession Risks

'Risk of recession outweighs risk of inflation,' says Lagarde

Bernanke Stands Pat, Sends Stocks Tumbling

Dow tumbles below 11K

Bernanke Clarifies Stimulus Talk, Markets Tumble

Fed isn't ready to take action soon

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?