Stocks fall as Fed chief disappoints on stimulus - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports MILAN (AP) - World stock markets dropped Friday after the U.S. Federal Reserve chairman disappointed investors that there would no immediate action to jump start the world's largest economy, wiping out any gains from China's surprise interest rate cut. In an appearance before members of the U.S. Congress, Ben Bernanke avoided giving any signals about what the Fed might do in response to a slowdown in hiring. The 69,000 jobs created in May were the fewest in a year. And China made its first interest rate cut in more than three years, but not enough to excite market interest. Markets, instead of reacting to the cut, were also bracing for the possibility of glum economic data from China over the weekend.