Stocks fell in higher volume Tuesday as investors awaited Federal Reserve chief Ben Bernanke's semi-annual testimony before a congressional panel.
The S&P 500 led the way, falling 0.4%; the Nasdaq lost nearly 0.3% and the Dow Jones industrial average eased 0.2%. Preliminary data showed NYSE and Nasdaq volume rising 8%-9% from Monday.
Bernanke is due to address the House Financial Services Committee on Wednesday amid concerns the central bank may start scaling back its economic stimulus program later this year.
Fed policymaker Esther George fanned those fears Tuesday, saying the central bank should begin trimming bond purchases aimed at keeping interest rates low.
In the stock market today, Yahoo (YHOO) was down modestly in after-hours trading following its Q2 earnings report. The stock had lost 2% in heavy volume during the regular session, but it's still getting support at its 50-day line.
United Rentals (URI) was also down in post-session trading following its quarterly earnings report. The stock, which has been battling to overcome resistance at its 50-day line, lost 2% during the day.
Meanwhile, Tesla Motors (TSLA) slumped 14% after Goldman Sachs issued a note suggesting the maker of high-end electric vehicles was overvalued. The stock still held above an early 107.23 buy point from a high tight flag pattern, but it's below the conventional buy point at 115.
On the upside, railroad operator CSX (CSX) was up after hours following its Q2 results. It had risen 1% during the regular session, reclaiming its 50-day line.
Elsewhere, SouFun Holdings (SFUN) broke out of a long consolidation, soaring 19% on the heels of Monday's 7% gain. The company operates a real estate Internet portal in China and shows big earnings and sales growth in recent quarters. In its latest reported quarter, profit jumped 135% from a year ago to 40 cents a share. Sales rose 56% to $91 million.
Source: http://news.investors.com/investing-stock-market-today/071613-663917-stocks-fall-volume-rises.htm
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