US stocks fall on worries of higher Fed rates

GMT 22:48 2015 Tuesday ,24 March

Arab Today, arab today US stocks fall on worries of higher Fed rates

Wall Street stocks finished lower Tuesday
New York - AFP

Wall Street stocks finished lower Tuesday after positive economic data lifted speculation the US Federal Reserve could move more quickly to raise interest rates.
At the closing bell, the Dow Jones Industrial Average was at 18,012.21, down 103.83 points (0.57 percent).
The broad-based S&P 500 fell 12.79 (0.61 percent) to 2,091.63, while the tech-rich Nasdaq Composite Index dropped 16.25 (0.32 percent) to 4,994.73.
Data showed sales of new single-family homes surged in February to a seven-year high, while consumer prices rose for the first time in four months.
The new economic data makes a faster rate hike by the Fed "a little bit more likely," said Chris Low, chief economist at FTN Financial.
Sam Stovall, chief investment strategist at S&P Capital IQ, said investors have also begun to focus on first-quarter earnings. The energy sector is forecast to report declining earnings and other sectors are also expected to be weak, he said.
"The concern is that valuations are rich right now," Stovall said.

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