Stocks Drop After Bernanke Testimony
Stocks finished lower, as investors found little solace in Federal Reserve Chairman Benjamin Bernanke's testimony to Congress that mostly stuck to the message in last week's FOMC statement that indicated rates are on hold. Housing stocks were under fire on news that the FBI is probing Beazer Homes (BZH) for fraud (see BusinessWeek.com, 3/27/07, "Feds Are Investigating Homebuilder Beazer"). Also, a report showed durable goods orders rose less than expected. Oil prices surged amid fears that Britain-Iran tensions could escalate.
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