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BOND REPORT: Treasurys Down After Bernanke Says Fed May Buy US Debt
Crude Oil Rises as Saudi Arabia Says It Will Make Deeper Cuts
Oil finishes higher on Bernanke comments
Federal Reserve Chairman Ben Bernanke said the stimulus package could provide a "significant boost" to the sinking U.S. economy.
Traders interpreted Bernanke as saying the economy is showing signs of stabilizing.
The short-term energy outlook released Tuesday by the Department of Energy said falling demand will likely continue through the year. "U.S. real gross domestic product (GDP) is expected to decline by 2 percent in 2009, leading to decreases in domestic energy consumption for all major fuels," the department's Energy Information Administration said.
"The last thing this economy needs right now is a fresh doubling of oil prices. OPEC does not feel it can let prices get any lower, though."
Sony and Toshiba Shares Fall Sharply