Stocks finished lower for the fifth day in a row following comments on the economic outlook from Federal Reserve Chairman Ben Bernanke.
The Dow Jones Industrial Average closed down 19 points, or 0.16%, at 12,071. The S&P 500 slipped 1.23 points, or 0.10%, at 1285, and the Nasdaq Composite dropped 1 point, or 0.04%, at 2702.
"Growth seems likely to pick up somewhat in the second half of the year," said Bernanke in a
speech at the International Monetary Conference in Atlanta. The chairman reiterated that he believed inflation would remain in check and that sharp fiscal consolidation could undercut the recovery effort. Bernanke attributed inflation to rising gas prices rather than specific factors in the U.S. economy.
However, long-term unemployment, Bernanke said, was "particularly concerning" and the jobs situation remains "far from normal."
Dow Jones Industrial Average
(DJI: ^DJI )
| Index Value: | 12,070.81 |
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| Trade Time: | 4:02PM EDT |
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| Change: |  19.15 (0.16%) |
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| Prev Close: | 12,089.96 |
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| Open: | 12,090.18 |
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| Day's Range: | 12,066.61 -12,178.89 |
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| 52wk Range: | 9,596.04 -12,928.50 |
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