Business News
Most US stocks fall on Federal Reserve chief's warnings
Dec 7, 2009, 21:40 GMT
New York - Most major US stock indices fell slightly on Monday as Federal Reserve Chairman Ben Bernanke warned of 'formidable headwinds' to the country's economic recovery.
Bernanke, in a speech before the Economic Club of Washington, suggested that a 'self-sustaining' recovery was not yet assured and said unemployment would remain high for some time to come.
President Barack Obama was expected to unveil a package of measures Tuesday to revive job growth in the United States. The unemployment rate is currently at 10 per cent.
The blue-chip Dow Jones Industrial Average inched up 1.21 points, or 0.01 per cent, to 10,390.11. The Standard and Poor's 500 Index fell 2.73 points, or 0.25 per cent, to 1,103.25. The technology-heavy Nasdaq Composite Index added 4.74 points, or 0.22 per cent, to 2,189.61.
The US currency dropped against the euro to 67.45 euro cents from 67.70 euro cents on Friday and fell against the Japanese currency to 89.42 yen from 90.56 yen.
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