Global markets slide after Bernanke’s testimony
22 Jul 2010
New York: Markets across the globe slid Wednesday after Federal Reserve chairman Ben Bernanke called the economic outlook "unusually uncertain" and failed to indicate any moves to jump-start recovery.
US markets
The Dow Jones Industrial Average closed with a loss of 109.43 points, or 1.1%, to 10,120.53, with all but four of its 30 components losing ground. Big-bank stocks led losses, with JP Morgan Chase & Co and Bank of America Corp shares sinking at least 3%.
For every share on the rise, more than two declined on the New York Stock Exchange, where trading volume topped 1.2 billion.
The S&P 500 Index declined 13.89 points, or 1.3%, to 1,069.59, with declines extending to all 10 of its industry groups.
The Nasdaq Composite Index was down 35.16 points, or 1.6%, to 2,187.33.
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