US: Stocks fall on worries of higher Fed rates

PHOTO: AFP

25 Mar7:17 AM

[NEW YORK] Wall Street stocks finished lower on Tuesday after positive economic data lifted speculation the US Federal Reserve could move more quickly to raise interest rates.

The Dow Jones Industrial Average fell 104.90 points (0.58 per cent) to 18,011.14.

The broad-based S&P 500 fell 12.92 (0.61 per cent) to 2,091.50, while the tech-rich Nasdaq Composite Index dropped 16.25 (0.32 per cent) 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.

AFP