Stocks falling, get no lift from Obama jobs plan

U.S. stocks are falling, wiping out this week’s gains, after closely-watched speeches by Federal Reserve Chairman Ben Bernanke and President Barack Obama.

Bernanke said that weak consumer spending is hurting the economy. He offered no new details about plans to spur growth.

President Obama later unveiled a $447 billion package of tax cuts and new spending to stimulate job growth. Its chances of passing Congress are uncertain. Republicans control the House. Many oppose any new spending.

European markets fell sharply on speculation about banks’ problems and a possible default by the Greek government.

At 9:35 a.m., the S&P 500 is down 17, or 1.4 percent, at 1,169. The Dow Jones industrial average is down 169, or 1.5 percent, at 11,125. The Nasdaq is down 31, or 1.2 at 2,498.