Stocks slip ahead of Bernanke

NEW YORK (CNNMoney.com) -- Wall Street retreated at the start of trading Wednesday as high gas prices and a weak dollar offered a backdrop to Federal Reserve Chairman Ben Bernanke's scheduled Congressional testimony.

The Dow Jones industrial average slipped 0.6%. The Nasdaq composite index was down 0.7%. The Standard & Poor's 500 index was 0.5% lower.

In the news Wednesday:

Bernanke testifies: The Fed chief returns to Capitol Hill to discuss the economy with the House Financial Services committee. The hearing was scheduled to begin at 10 a.m. ET.

Durable goods orders: Orders to U.S. factories for big-ticket manufactured goods plunged in January by the largest amount in five months as manufacturers got caught in the weakness engulfing the rest of the economy.

Oil record: Oil prices broke through a new intraday high of $102 a barrel Wednesday as a slide in the dollar prompted investors to pump more money into energy futures as a hedge against inflation.

Microsoft: The European Union fined the software maker a record $1.3 billion on Wednesday for charging rivals too much for product information. Stock (MSFT, Fortune 500)

Toll Brothers: Luxury homebuilder swung to a first-quarter loss after taking hefty writedowns amid the housing slump. Stock (TOL, Fortune 500)

Dynegy: The power provider said Wednesday its fourth-quarter loss narrowed, as revenue more than doubled and the company recorded a gain on facility sales. Stock (DYN)

Nortel Networks: The Toronto-based telecom equipment company said it will cut 2,100 jobs from its 33,000-member workforce, while moving an added 1,000 jobs overseas in its latest bid to reduce costs. Stock (NT)