U.S. stocks fall as Bernanke testifies

New York -- U.S. stock indexes fell Wednesday as Federal Reserve Chairman Ben Bernanke said a recent softening in underlying inflation might prove temporary.

Intel Corp. and Pfizer Inc. also reported results that were lower than many analysts expected.

The Dow Jones industrial average was down 52.35 points, or 0.37 percent, to 13,919.20 in mid-morning trading. The broader Standard & Poor's 500 Index lost 5.52 points, or 0.36 percent, at 1,543.85.

The technology-heavy Nasdaq Composite Index tumbled 19.57 points, or 0.72 percent, to 2,692.72.

Japan's Nikkei 225 index finished the day down 201.69 points, or 1.11 percent, at 18,015.58.

The 10-year U.S. Treasury note rose 4/32, yielding 5.035 percent, while the 30-year bond was up 5/32, yielding 5.128 percent.

The U.S. dollar fell to 121.96 yen from 122.31 yen in New York late Tuesday. The euro, in U.S. dollars, moved to $1.3797 from $1.3782.

Copyright 2007 by United Press International.