May 20, 2013
Global shares, euro slip ahead of Bernanke speech
Stocks fell and the euro retreated as investors pared back expectations that Federal Reserve Chairman Ben Bernanke will signal a new round of economic stimulus in a key address on Friday to central bankers.
A successful Italian bond sale pointed to growing confidence among investors that the European Central Bank will take measures shortly to tackle more effectively the debt crisis that has plagued the 17-member currency bloc.
But investors grew more doubtful that Bernanke will deliver firmer hints on more monetary easing during a highly anticipated speech in Jackson Hole, Wyoming.
The Dow Jones industrial average closed down 106.77 points, or 0.81 percent, at 13,000.71. The Standard & Poor's 500 Index fell 11.01 points, or 0.78 percent, at 1,399.48. The Nasdaq Composite Index slid 32.47 points, or 1.05 percent, at 3,048.71
In Europe, the FTSEurofirst 300 index of top European shares closed down 0.8 percent at 1,077.93.
In Asia, Japan's Nikkei average fell below 9,000 to a two-week closing low today as hopes that US Federal Reserve Chairman Ben Bernanke will signal more stimulus in his speech on Friday faded, while resources-related shares slid on a weaker outlook.
he Nikkei shed 1 percent to 8,983.78, but held above its 200-day moving average at 8,977.15. The broader Topix index dropped 0.8 percent to 743.79.