US stocks slipped for the sixth straight day on Wednesday after Federal Reserve Chairman Ben Bernanke's assessment of the economy kept investors worried about the recovery. The three major US stock indexes reversed gains late in Tuesday's session after the Fed chairman acknowledged the recovery has slowed, but offered no hint the US central bank is considering any more stimulus to accelerate growth.
There were also signs of weakness from corporate America. Communications networking equipment provider Ciena Corp forecast third-quarter revenue below expectations, sending its shares and others in the sector lower. Ciena fell 13.5 percent to $20.95 while JDS Uniphase Corp dropped 4.4 percent to $17.61.
The Dow Jones industrial average shed 8.29 points, or 0.07 percent, to 12,062.52. The Standard & Poor's 500 Index edged down 1.81 points, or 0.14 percent, to 1,283.13. The Nasdaq Composite Index dropped 13.25 points, or 0.49 percent, to 2,688.31. The S&P 500 is down more than 6 percent from its 2011 intraday high hit May 2. A drop to 1,250 would extend the decline to 8.9 percent, close to the 10 percent fall typically described as a market correction.
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