Markets underwhelmed as Bernanke speech disappoints

US markets have moved lower in the immediate aftermath of Ben Bernanke's Jackson Hole speech after the Fed chairman made no firm commitment to further stimulus.

The Dow Jones, down 60 points prior to the speech, extended losses and was down 190 points, or 1.7%, to 10,958. The S&P 500 was trading down 1.8% at 1,138 as investors digested a speech which was short on detail over the Fed's next steps to help prop up the US economy. Losses were then pared but the major indices remained down on the day as at 10:30am Eastern Standard time. The FTSE extended earlier losses and was down 1.7% after details of the speech were published. The DAX was down 2.4% to 5,449 in Germany, with France's CAC 40 falling 3.2% to 3,020. Ten-year US treasury yields w...