Investors heeded Fed Chairman Ben Bernanke's comments about monetary policy not being offset possible damage from the fiscal cliff. The Dow gave up nearly 3 points to close the session at 13,245 while Nasdaq shed 8 points to finish at 3013. On the upside
The Federal Reserve's monetary policy is expected to benefit the banking sector. Investors snapped up shares of Citigroup (NYSE: C) and JPMorgan Chase & Co (NYSE: JPM). Boston Beer Co. (NYSE: SAM) raised its full-year earnings outlook. Cerner (Nasdaq: CERN) announced plans to conduct a $170 million share repurchase program. On the downside Endo Health (Nasdaq: ENDP) lowered its profit outlook for 2012 and 2013. The medical device and drug company also announced plans to find a replacement for its retiring CEO. Asset management firm Legg Mason (NYSE: LM) announced an accelerated timetable for its quarterly dividend, but remained silent about filling the CEO position. Shareholders of Haverty Furniture Companies (NYSE: HVT) received a previously-announced special dividend payment today, but an analyst downgraded the stock. In the broad market, declining issues outpaced advancers by a narrow margin on the NYSE and by a wider 3 to 2 margin on Nasdaq. The broader S&P 500 index gave up most of its earlier gains closing at 1428, up a fraction.