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US stocks pare earlier gains to end lower

Capital Market 

Technology and financial sectors lead losses

US stocks closed lower on Tuesday, 13 March 018 as the technology and financial sectors came under pressure even as investors mostly shrugged off Donald Trump's decision to replace Stocks had rallied earlier after closely watched consumer-data was in line with expectations, helping to placate worries that rising prices would hasten interest-rate hikes by the Federal Reserve.

The which earlier was up nearly 200 points, fell 171.58 points, or 0.7%, to 25,007.03. The Index ended a seven-session winning streak to slide 77.31 points, or 1%, to 7,511.01. The index dropped 17.71 points, or 0.6%, to 2,765.31.

Technology and financials were big losers, posting losses of at least 1%.

General Electric, and led the losses.

As for economic data, the U.S. consumer-price index rose a mild 0.2% in February after a worrisome 0.5% increase in the first month of the year. The gain was largely in line with Wall Street expectations. The gain nudged the yearly rate up to 2.2%, only a tick higher than expected.

A stronger-than-expected number was feared as a potential catalyst to nudge the central closer to four hikes instead of the three that the Federal Reserve is expected to carry out, something that could weigh on stocks. The Fed is expected to increase interest rates in March, but the jury is out on how aggressively it will act beyond that.

Among stocks under focus, shares of reversed earlier losses to rise 1% after the sporting beat fiscal fourth-quarter profit expectations, but missed on sales and provided a downbeat outlook. edged up after Mizuho raised its price target to $66, the third firm to raise its target this week.

Shares of retailers were sharply higher as they attend the of America & Retail Technology Conference. gained 3.7%, while rallied 2.7%.

Bullion prices ended higher at Comex on Tuesday, 13 March 2018. Gold prices on Tuesday logged their largest one-day gain in a week as the U.S. dollar softened and was replaced by Mike Pompeo, of the Central Intelligence Agency, helping to boost haven demand for the The greenback had given up an earlier advance when a reading on U.S. consumer-level came in largely as expected and tempered expectations that the Federal Reserve could turn more aggressive with interest-rate moves this year.

April gold rose $6.30, or 0.5%, to settle at $1,327.10 an ounce after tapping an earlier low of $1,313.80. That was the biggest single session dollar and percentage rise since 6 March. May silver rose 9.1 cents, or 0.6%, to $16.627 an ounce.

end lower on Tuesday, 13 March 2018, down a fourth session in five, as traders braced for a potential third weekly rise in U.S. crude supplies. Prices gave up earlier gains seen in the wake of risks to the nuclear deal from U.S. Donald Trump's ouster of

April Intermediate crude fell 65 cents, or 1.1%, to settle at $60.71 a barrel on the New York Mercantile Exchange, reversing course after trading earlier at highs near $62.

May Brent crude, the global oil benchmark, lost 31 cents, or 0.5%, to $64.64 a barrel after losing 0.8% a day earlier on the ICE Futures exchange.

In the bond market, U.S. Treasuries ended Tuesday on a mostly higher note, with longer-dated issues pacing the advance. The benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, slipped two basis points to 2.85%. Meanwhile, the 2-yr yield finished flat at 2.26%.

Looking ahead, investors will receive a sizable batch of economic data on Wednesday: Retail Sales for February (consensus +0.3%) and the Price Index for February (consensus +0.1%) will both be released at 8:30 AM ET, while the less influential Inventories report for January (consensus +0.6%) will cross the wires at 10:00 AM ET. Also of note, the Energy Information Administration will release its weekly crude inventory report at 10:30 AM ET.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 11:15 IST