Wall Street ends lower, led by energy sector, as eyes fixed on Fed's meeting
Economies.com
2017-03-14 21:02PM UTC
U.S. stock indices closed lower on Tuesday after earlier data showed a steeper-than-expected slowdown in producer prices in February, while the Federal Open Market Committee commenced its periodic meeting in Washington today , with policymakers expected to reveal their three-year forecasts for growth, inflation, unemployment, and interest rates, with the latest expected to rise by 25 basis points for the first time this year.
On the same note, energy shares led Wall Street lower after crude prices hit their lowest since November, and after OPEC reported a surge in global crude inventories and upgraded its forecasts for production in 2017 from outside the Organization, while industrial shares fell as well, led by the airline sector after a snow storm hit the U.S. Northeast, as markets await the Fed's decisions tomorrow.
Dow Jones fell 0.21%, or 44.11 points to 20,837.37, while Standard and Poor's 500 shed 0.34%, or 8.02 points to 2,365.45. NASDAQ Composite fell 0.32%, or 18.97 points to 5,856.82.
Gold futures due on April 15 fell 0.42% to $1,198.10 an ounce from the opening of $1,203.10, while the dollar index rose 0.45% to 101.77 from the opening of 101.44.
On the other hand, U.S. crude futures due on April 15 rose 0.12% to $48.46 a barrel from the opening of $48.40, while Brent crude futures due on May 16 slid 0.56% to $51.64 a barrel from the opening of $51.93.
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