The stock market is falling as Federal Reserve Chairman Ben Bernanke details plans for dismantling the central bank's economic support measures.
Bernanke says in prepared remarks to a House committee Wednesday that the Fed likely will begin tightening credit by raising the interest rate it pays to banks on the money they have deposited at the Fed.
That would lead to an increase in borrowing rates for consumers and businesses. The Fed chief cautioned that the central bank is not yet ready to boost interest rates.
The Dow Jones industrial average is down 75 at 9,983 after being flat ahead of Bernanke's comments. The Standard & Poor's 500 index is down 9 at 1,062. The Nasdaq composite index is down 16 at 2,135.
Yesterday’s Top Performing Small Cap stock:
GWS Technologies, Inc. (OTC BB: GWSC) was a SmallCapVoice.com top performer yesterday closing up over 34% on trading volume of 35,215 shares.
GWS stands for GreenWindSolar. GWS is an alternative energy technology company focused on developing, marketing, and implementing solar and wind-powered renewable energy products and solutions for various commercial, industrial, and governmental end-users. GWS is also building strategic partnerships with companies that are developing cutting-edge technologies and solutions. By harnessing the power of the wind and the sun, GWS is helping consumers and businesses generate their own clean power, reduce carbon emissions, and become part of the global energy solution.
Today’s SmallCapVoice.com Hot Stock to Watch:
Worldwide Food Services, Inc. (Pink Sheets: WFSV)
Worldwide Food Services, Inc. announced today the Company has signed a Letter of Intent to acquire Veterans Consulting Group, Inc. Details will be made available upon completion of the acquisition.
Worldwide Food Services, Inc. is 100% Debt-free. The Company owes no suppliers or manufacturers; inventories that are held have all been paid for-in-full.
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Stuart T. Smith