Wall Street mixed as Bernanke hints at end to rate cuts

Wall Street mixed as Bernanke hints at end to rate cutsNew York - Major stock indices were mixed on Tuesday as energy and metals prices plunged and Federal Reserve Chairman Ben Bernanke again suggested a pause in interest-rate cuts was likely.

Energy company shares fell as the price of crude oil dropped more than 3 dollars per barrel to 131.31 dollars, while gold producers saw share drops due to a decline in precious metals.

Bernanke, in a speech in Boston Monday night, said inflation was a key concern for the US central bank amid the continuous rise in commodity prices, while downside risks to growth had softened. Last week Bernanke said maintaining price stability was a "top priority."

The Fed has lowered its benchmark federal funds rate by 3.25 per cent since September.

The blue-chip Dow Jones Industrial Average edged up 9.44 points, or 0.08 per cent, to 12,289.76. The broader Standard & Poor's 500 was down 3.32 points, or 0.24 per cent, to 1,358.44. The technology- heavy Nasdaq Composite Index fell 10.52 points, or 0.43 per cent, to 2,448.94.

The US currency gained against the euro to 64.66 euro cents from 63.93 euro cents on Monday and against the Japanese currency to 107.37 yen from 106.31 yen.

Gold fell 25.90 cents to 867 dollars per fine ounce. (dpa)

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