US stocks mostly down as S&P 500 pulls back from record
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Traders working on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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NEW YORK – Wall Street stocks largely closed lower on March 13, with the broad-based S&P 500 index retreating from a record and investors eyeing key economic indicators ahead.
The tech-heavy Nasdaq Composite Index slumped 0.5 per cent to 16,177.77, while the S&P slipped 0.2 per cent to 5,165.31.
But the Dow Jones Industrial Average eked out a gain of 0.1 per cent to 39,043.32.
“Given that we have experienced a very exceptional, a really strong rally over the last three or four months, it is reasonable that the pace of gains will slow,” said Mr Angelo Kourkafas, of Edward Jones.
While there was no major economic release on March 13, he added that markets would be eyeing the producer price index and retail sales figures early on March 14 to gauge how the economy is doing.
This comes after consumer inflation figures logged a surprise acceleration in February, according to figures this week.
Stubborn inflation could nudge the central bank to hold interest rates at a high level for a longer period.
Among companies, Nvidia shares lost 1.1 per cent after a strong showing the day prior.
Tech giant Apple lost 1.2 per cent. AFP
