The yearly U.S. CPI number came in higher than the expected 1.6% and the same as last year at this time at 1.7%.
Corn futures continued its rise, up 9.5 cents on the day to 786 cents.
EUR/USD futures moved against stocks and fell 29 pipps to trade at $1.2257.
WTI crude futures rose 27 cents to $88.70 and gold futures fell $3.00 to $1588.60.
Bernanke’s testimony before the Senate Banking Committee did not give hints on easing as expected, however markets are watching his every move as the conference continues through tomorrow.
Mattel (MAT) shares rose 8% after posting an earnings increase of 20% supported by high sales in Fisher-Price and American Girl dolls.
J.B. Hunt Transport Services Inc. (JBHT) lost 7.3% after posting an earnings increase of 22% coupled with weak guidance.
Traders are eyeing EBay Inc. (EBAY) as they will release their results after the close. Analysts estimate that they will post earnings of 55 cents per share and revenue of $3.36 billion. EBAY was trading at $38.66, up 6 cents on the day.
The French telecom company Alcatel-Lucent tumbled 17.5% after releasing weak guidance. Telecom companies were red across the board due to global economic uncertainty.
David Cornes holds a degree in economics from the University of Montana.