Wall Street pauses rally awaiting for Bernanke

FXstreet.com (San Francisco) - The US stocks market closed slightly lower as investors were cautious ahead the Fed Chairman Ben Bernanke's congressional testimony to be hold tomorrow Wednesday. S&P 500 and the Nasdaq performed its first negative day after 8 sessions.

The Dow Jones declined 31.41 points or 0.21% to finish the day at 15,451.85. The S&P 500 eased 6.24 pts or 0.37% to 1,676.26. And the Nasdaq closed the day at 3,598.50 after losing 8.99 pts or 0.25% on the session.

Regarding Bernanke, the research teams at TD Securities said that the expectations that Fed Chmn. Bernanke’s comments in front of Congress later this week will lean dovish are pressuring the USD. “Yesterday’s announcement that the chairman’s prepared remarks will be released at 8.30ET, instead of just as he starts to speak at 10ET as has been the case before, prompted some speculation that there will be important news communicated in the testimony, though we doubt this logic. Lawmakers simply want time to read the speech ahead of Chairman Bernamke’s remarks it seems.”