U.S. Stocks Drop, Treasuries Gain on Bernanke’s Growth Outlook
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U.S. stocks dropped and Treasuries rallied after Federal Reserve Chairman Ben S. Bernanke said the economic outlook remains “unusually uncertain” even as the central bank prepares to eventually raise interest rates.
The Standard & Poor’s 500 Index fell 0.3 percent to 1,079.82 at 2:04 p.m. in New York after fluctuating between gains and losses earlier. The yield on the 10-year Treasury note slid three basis points to 2.92 percent and the two-year yield sank to a record low for the fourth time in five days.