Wall Street falls on lower crude prices
Economies.com
2017-03-14 15:41PM UTC
U.S. stock indices fell on Tuesday, led by energy and crude stocks, after prices tumbled in the markets, causing a selloff in their respective sectors on Wall Street, while investors await the Federal Reserve's policy decisions.
Crude prices fell to 3-1/2 month lows after OPEC's monthly report showed another buildup in oil stockpiles, while Saudi Arabia raised its output in February compared to the deep cuts made in January.
Crude's steep decline adding to market caution about the Fed's interest rate decision hurt Wall Street today and nudged it lower.
On the other hand, the dollar rose against a basket of major rivals after strong producer prices data, underpinning the greenback and hurting shares of American exporters on Wall Street.
Standard and Poor's 500 fell 0.14%, or 29.07 points to 20,852.41, while Dow Jones slid 0.40%, or 9.60 points to 2,363.87.
Tech-heavy NASDAQ dropped 0.47%, or 27.44 points to 5,848.35.
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