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Summary Box: Stocks close lower on Fed fears

The Associated Press

MIXED MESSAGES: Stocks surged in the early going after Fed chairman Ben Bernanke told Congress the central bank was unlikely to pull back from its stimulus programs soon. Then minutes from a Fed meeting were released that suggested other policymakers think a pullback is possible as early as next month, and stocks dropped.

BRISTOL SURGES: Bristol-Myers jumped 5 percent after a financial analyst said the company could be a big winner with cancer drugs under development.

YIELD SURGE: The yield on the benchmark 10-year Treasury note rose above 2 percent for the first time since March 14. It rose to 2.03 percent from 1.93 percent the day before.