“Stocks traded in negative territory early afternoon Wednesday, after falling into the red following Fed chief Ben Bernanke’s testimony before lawmakers,” Victor Reklaitis reports for Investor’s Business Daily.
“The Dow Jones industrial average lost 0.1%, holding just below 13,000 after closing above that level Tuesday. Meanwhile, the Nasdaq shed 0.2%, after rising out of the gate and trading briefly above 3,000. The S&P 500 also was down 0.2%. Volume was tracking higher across the board,” Reklaitis reports. “Market watchers have said Bernanke’s testimony put a damper on hopes for additional quantitative easing. Gold and silver prices have tumbled in the wake of the Fed chief’s appearance before a House committee, as well as after another round of encouraging economic reports.”
Reklaitis reports, “Apple (AAPL) jumped 2% in strong turnover, hitting another fresh high. The tech giant is well extended past its last buying area. Its market capitalization has topped $500 billion today. Apple, No. 7 in this week’s IBD 50, gained 2% on Tuesday as it sent out invitations for a March 7 event at which it’s expected to unveil the iPad 3.”