CLOSING BELL

Dow 10120.53-109.43, Nasdaq  2187.33  -35.16, S&P 1069.59  -13.89 

The stock market spent most of the day near the neutral line until Ben Bernanke began his semiannual monetary report before the Senate Banking Committee this afternoon.  His comments about continued uncertainty in the economy and his note of the Fed's preparations to take more policy actions as needed sent stock lower.

Bank stocks before the comments were doing well after another batch of good earnings reports.  Morgan Stanley (MS) 26.80 +1.58, +6.26%, Wells Fargo (WFC) 26.06, +0.15, +0.58% and US Bancorp (USB) 23.07 -0.08, -0.35% all had better than expected earnings reports.  Financial were up as much as +1.5%, but ended the day losing -1.8%.

Yahoo! (YHOO) 13.91 -1.29, -8.49% shares got hit today, after beating their earnings estimates, but Citigroup downgraded the stock.

Advancing Sectors: None
Declining Sectors: Financials -1.8%, Consumer Discretionary -1.8%, Health Care -1.5%, Utilities -1.4%, Tech -1.4%, Energy -1.4%, Consumer Staples -1.0%, Industrials -0.4%, Materials -0.4%, Telecom -0.2%