Stocks Drift Lower

Stocks declined on Wednesday after Fed Chairman Ben Bernanke testified that the U.S. economy may fall into a recession.

The Dow lost -45.44, the Nasdaq Composite -1.35, and the S&P 500 -2.65.

Monsanto
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reported second quarter earnings surged by 83% on 45% higher revenue than a year ago. MON lost 0.9% today.

Profit fell much less than expected at Best Buy
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, with earnings beating estimates by $0.06. BBY shares 1.1%.

CarMax
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reported a 48% decline in profit, missing estimates by $0.07. KMX rose 2.4%

Shares of Immunicor
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surged 9.8% after the company reported much stronger than expected results.

Crude oil jumped nearly $4 per barrel to close at $104.83 and the dollar fell versus the euro.

Market Snapshot

Dow

-45.44 12608.92

NASDAQ

-1.35 2361.40

S&P 500

-2.65 1367.53

Economic
News

Factory Orders (Feb): Actual -1.3%, Consensus -0.8%