US STOCKS-Wall St falls on rate concerns; Citi up after the bell

miércoles 11 de marzo de 2015 17:29 GYT
 

* Citigroup, Morgan Stanley up after the bell following Fed review

* Shake Shack shares fall after the bell on results

* Indexes down: Dow 0.2 pct, S&P 500 0.2 pct, Nasdaq 0.2 pct (Updates close with dollar details; Bank of America, Shake Shack down after the bell, Citigroup up)

By Caroline Valetkevitch

NEW YORK, March 11 (Reuters) - U.S. stocks ended lower for a second straight session on Wednesday as worries grew about the timing of a Federal Reserve interest rate hike and dollar strength further dampened the outlook for U.S. earnings.

The move followed the S&P 500's biggest one-day decline in two months in the previous session, which surpassed a selloff of similar magnitude on Friday. The S&P 500 is now off 3.6 percent from its March 2 record closing high and is down 0.9 percent for the year so far.

Friday's stronger-than-expected jobs report, which solidified views the Fed could raise rates as early as June, was largely behind the recent jitters.

"It's all about rates. I think many are holding onto the view that if the Fed raises rates, stocks stop in their tracks and reverse, and the bull market ends," said Bruce Zaro, chief technical strategist at Bolton Global Asset Management in Boston.

The Dow Jones industrial average fell 27.55 points, or 0.16 percent, to 17,635.39, the S&P 500 lost 3.92 points, or 0.19 percent, to 2,040.24 and the Nasdaq Composite dropped 9.85 points, or 0.2 percent, to 4,849.94.   Continuación...