Wednesday's early afternoon trade: stocks dip after Bernanke talks

US stocks inched lower in a choppy session on Wednesday after comments from US Federal Reserve Chairman Ben Bernanke were viewed as a subtle shift in the central bank's highly accommodative monetary policy. Indexes appeared poised to advance for the fifth straight session on stronger-than-expected economic data before quickly reversing course as Bernanke began his testimony to the US House of Representatives Financial Services Committee.
The Fed chairman's comments acknowledging improvements in the labour market were seen as a step away from recent fiscal policy, although Bernanke said the economy would need to strengthen for the jobless rate to keep dropping. The S&P Materials Index was the worst performing of the 10 S&P sectors, down 1.1 percent, with Newmont Mining Corp leading the way down. Newmont Mining shares fell 3.6 percent to $59.76. The Nasdaq topped 3,000 for the first time since mid-December 2000 before retreating. The Dow industrials and the S&P 500 initially added to the previous day's gains that catapulted them to four-year highs. The Dow Jones industrial average dropped 8.93 points, or 0.07 percent, to 12,996.19. The Standard & Poor's 500 Index shed 1.29 points, or 0.09 percent, to 1,370.89. The Nasdaq Composite Index dipped 2.93 points, or 0.09 percent, to 2,983.93.