NEW YORK (AP) -- 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. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
