Stocks continue to slide
Hawkish comments from Fed chairman Bernanke and higher oil prices help extend major gauges' losses.
NEW YORK (CNNMoney.com) -- Stocks continued to selloff Tuesday as higher oil prices and hawkish comments from Federal Reserve Chairman Ben Bernanke troubled investors.
The Dow Jones industrial average (Charts) fell 0.3 percent in the opening minutes of trade.
Sending stocks lower were comments delivered Monday night by Bernanke, who said that the Fed's September rate cut has shown signs of success, but made no indication if the central bank would continue to lower rates.
He also issued a warning to Wall Street, saying the central bank can't "insulate investors from risk" and said weakness in the housing market would likely drag on growth through early next year.
Higher oil prices also troubled investors as crude prices rose 30 cents to $86.43 a barrel, after closing at a record high Monday. Earlier Tuesday, crude prices reached a new trading high of $87.97 a barrel.
In other earnings news, Dow Jones industrial component Johnson & Johnson (Charts, Fortune 500) annnounced a decline in profits, but higher revenue. The company also raised its earnings guidance for the full year 2007.
On the economic front, the National Association of Home Builder's monthly survey of builder confidence is due to be released at 1 p.m. ET. That index is expected to fall to an all-time low in its latest reading.