Stocks in Red in Mid-Day Trading; Bernanke Testifies before House Budget Committee

Stocks have continued to decline in mid-day trading, following a weak start. Stocks have been pushed lower as investors look to lock in profits after the Dow Jones and the S&P 500 reached a two and a half year high on Tuesday. All three major indexes are currently in red.

The Dow Jones is currently trading 0.12% lower at 12,218.20, the S&P 500 is currently trading 0.37% lower at 1,319.66 and the Nasdaq is currently trading 0.21% lower at 2,791.11.

All sectors in the S&P 500 are in red in mid-day trading. Energy stocks have been the worst performers in the S&P 500 for a second consecutive day. At last check, Energy stocks were down 1.65%. Basic Materials are also down in mid-day trading. At last check, Basic Materials stocks were down 1.35%. Financials are currently down 0.53%.

Among the major gainers and losers in mid-day trading are The Coca-Cola Company (NYSE: KO), which is currently trading 0.60% higher at $63.25, Polo Ralph Lauren Corporation (NYSE: RL), which is currently trading 9.41% higher at $126.66, CBOE Holdings Inc. (NASDAQ: CBOE), which is currently trading 5.95% higher at $25.92, NYSE Euronext (NYSE: NYX), which is currently trading 14.07% higher at $38.11, Computer Sciences Corporation (NYSE: CSC), which is currently trading 14.11%  higher at $48.56, Ingersoll-Rand Plc (NYSE: IR), which is currently trading 5.69% lower at $46.24, and Smith Micro Software Inc. (NASDAQ: SMSI), which is currently trading 34.95% lower at $8.49.

Northrop Grumman Corporation (NYSE: NOC) shares are up after the company announced its fourth-quarter financial results. The company reported a profit of $376 million, or $1.27 per share for the fourth quarter of 2010, compared with $413 million, or $1.31 per share reported for the same period in 2009. Excluding one-time items, the company’s fourth-quarter earnings from continuing operations of $2 billion, or $6.77 per share, compared with $1.6 billion, or $4.87 per share reported for the same period in 2009. The company’s fourth-quarter revenue increased 4% to $8.61 billion. Shares of Northrop Grumman are currently trading 1.59% higher at $72.22.

Federal Reserve Chairman Ben Bernanke today testified before the House Budget Committee. In his testimony, the Fed Chairman defended the actions taken by the central bank to boost the U.S. economy. Bernanke also said that he wasn’t concerned about the current level or expectations of inflation in the U.S.