US STOCKS-Wall St dips as Wells Fargo leads fall in financials

jueves 24 de marzo de 2016 12:54 GYT

* Crude prices fall on strong dollar, stockpile build

* Wells Fargo down after UBS starts coverage with sell

* Indexes down: Dow 0.41 pct, S&P 0.49 pct, Nasdaq 0.37 pct (Updates to early afternoon)

By Abhiram Nandakumar

March 24 (Reuters) - Wall Street was lower on Thursday ahead of the long Easter weekend, as Wells Fargo led declines in financial stocks and gains in the dollar hurt commodities.

Wells Fargo's 2.2 percent drop was the biggest drag on the S&P 500. UBS started coverage of the bank's stock with a "sell" rating, citing cloudy revenue outlook and credit risks that extend beyond its energy portfolio.

The dollar was on track for its best streak in almost a year as recent comments by U.S. Federal Reserve policymakers suggested their support for more than one increase in interest rates this year, with the first perhaps as early as April.

St. Louis Fed President James Bullard, a voting member of the Federal Open Market Committee, became the latest official to take a hawkish stance after he said on Thursday that another hike "may not be far off."

The comments are in contrast with Fed Chair Janet Yellen's cautious tone on raising rates as the central bank remains data dependant and wary of weak global financial and economic conditions.   Continuación...