Federal Reserve Chairman Ben Bernanke said that the economy will continue its slow recovery but investors remain concerned about European debt. The markets opened lower with the Dow slipping 6 points to 9809 while Nasdaq lost 15 points to 2158.
On the upside
Ambac (NYSE: ABK) commuted its outstanding $16.4 billion worth of exposure to collateralized debt obligations of asset backed securities.
The Food and Drug Administration will review Depomed's (Nasdaq: DEPO) application for its pain treatment DM-1796.
Stifel Nicolaus upgraded MPG Office Trust (NYSE: MPG).
On the downside
BMO Capital Markets downgraded Diamond Offshore Drilling (NYSE: DO).
New York & Co. (NYSE: NWY) warned of a wider than expected loss for the second quarter.
Pep Boys (NYSE: PBY) reported higher first quarter earnings but revenue fell short of estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 615.