Reuters: Most Read Articles: Wall Street falls as Bernanke's comments weigh

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Wall Street falls as Bernanke's comments weigh Nov 20th 2012, 19:44 Tweet Share this Email Print Related News Budget talk optimism spurs Wall Street rally Mon, Nov 19 2012 Risk assets soar on U.S. fiscal cliff hopes Mon, Nov 19 2012 Washington's positive tone cheers Wall Street for a day Fri, Nov 16 2012 Global shares sink on global economic worries; oil falls Thu, Nov 15 2012 Wall Street near flat in holiday trade; euro near two-month lows Mon, Nov 12 2012 Analysis & Opinion How big will the Fed’s QE3 end up being? When did America get so pessimistic? Related Video 12:35pm EST 1 of 5. Trading specialists work on the floor of the New York Stock Exchange, November 19, 2012. Credit: Reuters/Chip East By Caroline Valetkevitch NEW YORK | Tue Nov 20, 2012 2:44pm EST NEW YORK (Reuters) - Stocks slid as Federal Reserve Chairman Ben Bernanke's comments added to worries about the economic impact of the U.S. "fiscal cliff" and Hewlett-Packard's stock sank on news of an $8.8 billion accounting charge. Bernanke, in comments before the Economic Club of New York, said the Fed does not have the tools to offset the damage that would result if politicians fail to strike a deal to prevent going off the fiscal cliff. If a solution isn't approved in time, then mandatory tax increases and spending cuts will go into effect early next year. Bernanke said he does not believe the possible benefits of cutting the interest it pays on bank reserves are sufficient to outweigh the risk of trouble in money markets. "In the short run, we're hostage to the fiscal cliff. I think (Bernanke's) got to be really, really fearful that Washington doesn't get its act together and that creates stresses on the financial system," said Dan Veru, chief investment officer of Palisade Capital Management in Fort Lee, New Jersey. Stocks rallied for the last two sessions on optimism that Washington politicians could agree on a deal to avoid the U.S. fiscal cliff. But the gains followed two weeks of sharp losses. Hewlett-Packard Co shares (HPQ.N) sank 12 percent to a 10-year low at $11.70 as the computer and printer maker swung to a fourth-quarter loss. The company said it took an $8.8 billion charge related to its acquisition of software firm Autonomy, citing "serious accounting improprieties. The Dow Jones industrial average .DJI was down 63.43 points, or 0.50 percent, at 12,732.53. The Standard & Poor's 500 Index .SPX was down 5.78 points, or 0.42 percent, at 1,381.11. The Nasdaq Composite Index .IXIC was down 15.01 points, or 0.51 percent, at 2,901.06. Another factor weighing on stocks was Moody's Investors Service's reduction of France's sovereign rating by one notch to Aa1 after the market's close on Monday. Moody's cited an uncertain fiscal outlook as a result of the weakening economy. (Additional reporting by Chuck Mikolajczak Editing by Jan Paschal) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) "Wall Street edges up as bargain hunting offsets HP, France" 12:35 pm Ooops it's back down again. Come on admit it you guys just make up these reasons throughout the day and you really don't have any idea why it's moving up and down. Nov 20, 2012 12:36pm EST  --  Report as abuse Is it just me or does it seem that every time Brenanke open his mouth the market dives? They guy could depress a hyena. Nov 20, 2012 2:08pm EST  --  Report as abuse Nov 20, 2012 2:44pm EST  --  Report as abuse See All Comments » Add Your Comment

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