Investors Shy Away from Market Following Bernanke’s Caution

Federal Reserve Chairman Ben Bernanke told Congress full economic recovery may be three years away. Although noting some signs of improvement, his comments elicited speculation that the Fed may stimulate the economy if it deteriorates further. CNNMoney tells earlier in the day the Dow Jones Industrial Average hit 12,740 before closing at 12,705.41, losing -11.05 points, -0.09 percent. The Nasdaq gained +11.41 points while the S&P rose 1.45 percent. The Yahoo! Finance Manufactured Housing Composite gained +0.07 percent to end the day at 867.70. Tracked housing stocks closed mixed, and the losers lost little. Patrick Industries slid the most of tracked stocks, -1.16 percent, -0.07, to end the day at 5.98. Louisiana Pacific Corp. posted the biggest gain of tracked housing stocks, moving up +3.02 percent,+0.26, to close at 8.84. Affiliated Managers Group 103.85 +0.44 (+.0.43%). Cavco Industries 4-6.92 -0.28 (-0.59%). Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers parent company Berkshire Hathaway 118,050 +250.00 (+0.21%). Champion, Liberty Homes, Deer Valley and Palm Harbor all remained unchanged. Drew Industries 27.12 +0.63 (+2.53%). Nobility Homes 5.90 +0.10 (+1.72%). Skyline Corp. 6.22 +0.01 (+0.16%). Sun Communities 40.91 -0.30 (-0.73%). Third Avenue Value Fund (2-1) 44.72 +0.46 (+1.04%). UMH Properties 10.54 +0.01 (+0.09%). Universal Forest Products, Inc. 33.86 +0.89 (+2.70%).

(Graphic credit: CNNMoney and RealTick)

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