Dow moved lower after Bernanke comments

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Source: Dukascopy Bank SA
© Scanpix/AFP
Dow eased down on Tuesday as market players were cautious after Ben Bernanke warned that fiscal cliff may result in recession. However, hopes that the eurozone's finance ministers will reach a consensus on Greek bailout terms as well as positive data from the US real estate market lent support for US blue chips. The Dow Jones Industrial Average Index lost 0.06% to close at 12,788.51. Four in nine sectors posted gains. Health care and consumer services were the top-performers, climbing 0.53% and 0.62%. Johnson & Johnson and Merck rose 0.61% and 0.51%, while McDonald's added 0.75%. At the same time, technology firms dragged the US blue chips index lower. Intel, IBM and Hewlett-Packard tanked 3.65%, 0.6% and 11.95%, respectively. Hewlett-Packard dropped after reporting an USD8.8 billion asset impairment charge due to accounting irregularities related to acquisition of Autonomy Corp. in 2011. Oil and gas firms also retreated amid weak crude oil prices. Chevron and Exxon Mobil fell 0.76% and 0.19%.


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