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US stocks down on Fed Chairman's comments

07-22-2010 13:27 BJT

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Federal Reserve Chairman Ben Bernanke has made a dour assessment of the U.S. economic recovery. His comments hit the stock markets. Let's take a look.

Wall Street took a hit on comments by Federal Reserve Chairman Ben Bernanke. He expressed concern about the U.S. economy - which rattled investors.

Ben Bernanke, Chairman of Federal Reserve said "Even as the Federal Reserve continues prudent planning for the ultimate withdrawal of monetary policy accommodation, we also recognize that the economic outlook remains unusually uncertain."

His comments however, reassured markets that interest rates would remain at historic low levels, and that the Fed is ready to take steps to boost growth if needed.

Shares of Morgan Stanley jumped after the firm reported higher than expected profits. The company says its been successful in winning new clients - a sign that hiring new traders over the last year has paid off.

Wells Fargo reported lower quarterly profits - but on the bright side - the company said losses on commercial and consumer loans were down from the previous quarter.

Taking a look at the closing numbers: It was red across the board in the U.S. following Bernanke's comments.

But in Europe the numbers were higher thanks to strong results from U.S. financials.

Editor:Xiong Qu |Source: CNTV.CN

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