Stocks Have Fallen Into The Red

Sam Ro | May 22, 2013, 3:33 PM | 4,004 | Google Finance

After wobbling in the green for most of the morning, stocks are now in the red.

Markets have been digesting Fed's prepared remarks and the Q&A from this morning's testimony to the Joint Economic Committee.

Bernanke's key point: premature tightening of monetary stimulus risks slowing or ending the recovery.

This caused stocks to spike, the dollar to sink and gold to surge.  At one point, the Dow was up by over 150 points.

However, the market pared much of those gains after Bernanke said that the Fed could taper its bond purchases in the next few meetings if the economic data supported it.

The minutes of the Federal Open Market Committee, which were released at 2:00 PM ET, also had a hawkish flavor to it.

"FOMC minutes show a willingness to taper asset purchases this year. We expect the taper will begin in either late Q3 or early Q4," said Deutsche Bank's Joe Lavorgna.

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