Market Update: The S&P/ASX 200 was 1.0% lower at 5,300 points, down for a third straight day, as investors reacted negatively to U.S

Bell Potter

Market Update: The S&P/ASX 200 was 1.0% lower at 5,300 points, down for a third straight day, as investors reacted negatively to U.S. Federal Reserve chairman Ben Bernanke's speech. He said the U.S. economy remained far from where the Fed wanted to see it and that the U.S. central bank was still committed to its economic stimulus policies. Resources led the decline with BHP and RIO both down 0.9%. WorleyParsons plunged 24.6% after downgraded its profit guidance. Financials were also on a slide with all the major banks down between 0.6% to 1.3%. The AUD is trading steadily at US$0.9417 after climbing above US$0.9400 overnight. The SPI was down 1.1% at 5,309 points on the Sydney Futures Exchange.


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