U.S. stocks stayed near session lows on Wednesday after weaker-than-expected factory orders and services data, signaling that economic conditions remained tough.

Federal Reserve Chairman Ben Bernanke warned that rising U.S. debt was contributing to a spike in longer-term interest rates, and it was time to rein in deficits.

The Dow Jones industrial average <.DJI> fell 85.54 points, or 0.98 percent, to 8,655.33. The Standard & Poor's 500 Index <.SPX> lost 12.65 points, or 1.34 percent, to 932.09. The Nasdaq Composite Index <.IXIC> gave up 17.59 points, or 0.96 percent, at 1,819.21.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)

Ben Bernanke