Stocks are lower at midday after comments by Federal Reserve Chairman Ben Bernanke made it appear less likely that the Fed will intervene to juice the economy by buying bonds.
Bernanke said that rising gas prices will add to inflation, while unemployment is falling faster than expected. Bond-buying would add to the money supply and could make prices rise faster. Unemployment must be high to justify such an aggressive policy.
The Nasdaq composite index briefly cracked 3,000 early Wednesday for the first time since the dot-com meltdown more than a decade ago. Stocks turned negative after Bernanke spoke.
The Dow is down 44 points, or 0.3 percent, at 12,960 shortly before midday Eastern time. The S&P 500 is down 4 at 1,368. The Nasdaq is down 7 at 2,979.
