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opec Bernanke said the U.S. economy had suffered a "loss of momentum" but that he still expected growth to pick up again, making a third round of quantitative easing unnecessary. Bernanke’s comments helped accelerate a late-session selloff on Wednesday. Bernanke’s cautious tone that the economy is well-below its potential is worrying investors, according to Scott Brown, chief economist at Raymond James. There’s belief that there’s a temporary slow patch and things are still going to be far below our potential and as such, the Fed’s going to be accommodative for now,” said Brown. Brown said he expects a “long summer” ahead for the market.


but long-term prospects are “still looking strong” for investors who are willing to be patient. Meanwhile, government officials and investors described the suggestion to allow a small U.S. debt default to force government spending cuts as a "horrible idea" which could destabilize the world economy and sour already tense relations with big creditors like China.Oil prices turned higher after OPEC did not reach an agreement on production increase. Investors expected the organization to raise the production target in response to high energy prices, which have weighed on global growth. U.S. light, sweet crude was above $100 a barrel while London Brent Crude was trading around $118.

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