US Stocks: S&P 500 posts worst day in 2 months
11 March 2015, Nirapad News: US stocks dropped on Tuesday, giving the S&P 500 its biggest decline in two months, on increasing views the Federal Reserve may raise rates as soon as June.
The Dow and S&P 500 ended in negative territory for the year, with the S&P 500 off 3.5 per cent from its March 2 record closing high. Those Fed worries pushed the US dollar to a nearly 12-year peak against the euro, and added to concerns the dollar will continue to weigh on US multinationals’ earnings.
All 10 of the S&P 500 sectors ended lower. Financial and technology sectors, each down more than 2 per cent, were the biggest drags. The Dow Jones industrial average fell 332.78 points, or 1.85 per cent, to 17,662.94, while the S&P 500 lost 35.27 points, or 1.7 per cent, to 2,044.16, its biggest daily percentage decline since Jan. 5. The Nasdaq Composite dropped 82.64 points, or 1.67 per cent, to 4,859.80.
The euro was last down 1.4 per cent at $1.0696 after hitting $1.0691, the lowest in almost 12 years. About 7 billion shares changed hands on US exchanges, above the 6.5b average for the month to date. Declining issues outnumbered advancing ones on the NYSE by 2,256 to 835, for a 2.70-to-1 ratio; on the Nasdaq, 2,077 issues fell and 664 advanced, for a 3.13-to-1 ratio.