US STOCKS-Dropping commodities prices drag down Wall Street

miércoles 23 de marzo de 2016 14:55 GYT

* Crude falls more than 3 pct

* Nike down after revenue misses estimates

* Yum Brands up on talks to sell stake in China business

* Indexes down: Dow 0.51 pct, S&P 0.63 pct, Nasdaq 1 pct (Updates to afternoon)

By Laila Kearney

March 23 (Reuters) - Falling oil and materials prices dragged the benchmark S&P 500 index lower for the year on Wednesday, while investors remained cautious a day after deadly bombing attacks in Belgium.

Wall Street's fading five-week rally was further diminished by comments over the past two days by U.S. Federal reserve officials, who indicated the possibility of more interest rate hikes than investors had anticipated.

The possibility of more than the expected two rate hikes for 2016 has sent the dollar higher, pushing down commodity prices.

"That has caused somewhat of a headwind for stocks," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.   Continuación...