The S&P 500 snapped its eight-day winning streak on Tuesday after disappointing sales from Coca-Cola, while investors turned cautious on the day before the Federal Reserve chairman’s congressional testimony.
Eight of the 10 S&P 500 industry sector indexes declined, with materials shares among the day’s worst performers.
Coca-Cola (KO, Fortune 500) shares slipped after the company reported a drop in profit from a year earlier due to weak European sales.
Investors are waiting for Bernanke’s meeting with Congress to find out if the Federal Reserve will slow their stimulus pumping into the economy anytime soon.
If Bernanke says YES SOON, then stocks will decline. If he says no not anytime soon then stocks will RISE.