Stocks fell Thursday, retreating after a two-day rally, as investors considered record-high oil prices, weak earnings from Bear Stearns, and a congressional hearing on the “sub-prime” mortgage crisis.Stocks had fallen slightly through the early afternoon, but the sell-off accelerated in the last hour of trading, led by homebuilder, financial, retail, and transportation stocks.Federal Reserve (Fed) Chairman Ben Bernanke told Congress that the credit crisis has distressed financial markets and that the central bank will take steps to help the situation. He also emphasized that lawmakers should act carefully in terms of how they plan to fix the problem.In corporate news, financial firm Bear Stearns reported a big decline in third-quarter profit that was below estimates, due to the impact of the sub-prime mortgage fallout and financial-market turmoil. Goldman Sachs also said it was challenged by the tough environment, but posted a rise in earnings and revenue. A variety of bank stocks fell.Light sweet crude oil for October delivery rose $1.39 to settle at $83.32 a barrel on the New York Mercantile Exchange, ending at a record high for the fourth consecutive session. The surge in oil prices affected fuel-dependant airline, railroad, and trucking stocks.The Dow Jones industrial average fell 48.86, or 0.35 percent, to 13,766.70. The broader Standard & Poor's 500 index fell 10.28, or 0.7 percent, to 1,518.75. The technology-heavy Nasdaq composite index fell 12.19, or 0.5 percent, to 2,654.29.The New York Stock Exchange composite index fell 34.43 to 9,936.47. The American Stock Exchange composite index rose 37.01 to 2,361.23. And the Russell 2000 index fell 7.64 to 809.76.023
