NEW YORK (MarketWatch)
U.S. stocks closed little changed on Wednesday after Federal Reserve Chairman Ben Bernanke warned the Fed does not have the ability to shield the economy from automatic and steep cuts in federal spending and tax hikes
"We cannot offset the full impact of the fiscal cliff - it's just too big," Bernanke said at an afternoon news conference
The Fed chief took questions after the central bank unveiled further monetary easing, a decision that briefly had stocks rising to session highs
After an 81-point jump, the Dow Jones Industrial Average finished with a 2.99-point loss at 13,245.45, halting its longest win streak in eight months
The S&P 500 index held a 0.64-point gain at 1,428.48
The Nasdaq Composite fell 8.49 points, or 0.3%, to 3,013.81
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