Before statement of FRS Head Ben Bernanke shares on Wall Street opened with growth. The majority of the market ‘s players expected that FRS Head ‘s speech would support expectations of fast end of a cycle of monetary policy firming.

However, Bernanke’s speech was unexpectedly more positive than the experts’ expectations. He has noticed that the problem of growing current account deficit of the USA should be solved, but such situation takes place not only in the USA.

Besides FRS Head has noticed a necessity of higher than usually short-term interest rates if low long-term rates reflect reduction of the long-term bonds’ premium.

Bernanke has also told that the downturn of the housing market in the USA does not give the bases for doubts in economic growth, thus cleared up the investors’ anxieties.

As for anxiety about absence of growth of curve of bonds’ yield FRS Head has said that in the given situation it does not make a threat for a national economy. And the probability of strong yield’s decline, in Bernanke’s opinion, is minimal.

As a result the market has reacted by core stock indexes decline to Bernanke’s speech. However experts notice that the basic conclusions can be made only on results of FRS meeting on rates on March, 28th.

Comments after this meeting will allow assuming the further Federal Reserve steps.

Other factor of pressure - a situation in the oil market also looks uncertain. We shall remind that the oil prices again trade above a mark of $62 after falling on Monday, caused by the expiration of April contracts.

As a result yesterday April futures were down almost 4 %, thus the prices were under pressure of positive expectations concerning oil stocks in the USA.

And already today May futures trade above a level of $62 for barrel.

As a result, on drop} in the basic stock indexes, NASDAQ index was supported unexpectedly by Oracle Corp. quarter results.

Let's remind that Oracle Corp. net profit in 3 financial quarter rose 22 % up to $765 million from  $540 million a year earlier. Growth happened on a background of the increased software demand. The income climbed up to $3.47 billion from $2.95 billion

And the company’s income per a share except for lumpsum made 19 cents whereas experts expected 18 cents.

As a result Dow-Jones index of New York stock exchange was down 5.12 points and was closed at a level 11274.53. NASDAQ index was up 7.63 points and is at a level 2314.11. S&P 500 index was down 2.17 points and is at a level 1305.08.

And the US 30-years state bonds’ yield fell 0.017 in comparison with the previous closing and makes 4.700.

We recommend keeping purchases of Dow-Jones index futures. The purposes of growth of the index remain former.