“[Draghi] couldn’t give a forceful speech to upstage Bernanke, and he couldn’t give a bland speech because everyone was waiting to hear what are the details to ‘I’ll do anything’… So the wisest thing was to withdraw and that’s what he’s done,” said Cashin.
Gilead Sciences edged higher after the FDA approved the biotechnology company's four-drug combination treatment for HIV. The drug will be sold under the name Stribild.
Apple was slightly lower a day after the tech giant closed at an all-time in the previous session. (Read More: Samsung Vows to Push Back Against Apple)
Yahoo named former market executive at Amazon.com and American Eagle Outfitters Kathy Savitt as the Internet company's new chief marketing officer in the latest move by new CEO Marissa Mayer to beef up her executive team.
Yelp declined a day ahead of the user-review website's 180-day lock-up expiration where nearly 53 million shares will be freed up.
Lexmark surged to lead the S&P 500 gainers after the printer maker said it is slashing nearly 13 percent of its workforce and will exit the inkjet printer business in an effort to cut costs. Rival Xerox also edged higher.
On the economic front, home prices rose in June for the fifth month in a row, according to the S&P/Case-Shiller home price index. But consumer confidence unexpectedly fell in August to its lowest level since last November, according to the Conference Board, hitting its lowest since last November.
European stocks ended lower amid worries about slowing growth after Spain's economy unexpectedly contracted further in the second quarter.
Oil prices bounced higheras once-Tropical Storm Isaac was upgraded to a hurricane and was expected to make landfall in the New Orleans area almost exactly seven years after the region was devastated by Hurricane Katrina. (Read More: Hurricane Isaac Not Hitting Stocks—Yet)
Treasury prices held their gainsafter the government auctioned $35 billion in 2-year notes at high yield of 0.273 and a bid-to-cover of 3.94.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
WEDNESDAY: Weekly mortgage apps, GDP, corporate profits, pending home sales, oil inventories, 5-yr note auction, Beige Book; Earnings from Heinz, Pandora, TiVo
THURSDAY: Jobless claims, personal income & spending, 7-yr note auction, chain-store sales; Earnings from Zumiez
FRIDAY: Chicago PMI, consumer sentiment, factory orders, farm prices, Bernanke's Jackson Hole speech
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