By Sruthi Shankar
"It feels like there are expectations that the U.S. is going to take some action against Syria. The market, I don't believe, has priced one yet," said Phil Blancato, Chief Executive of Ladenburg Thalmann Asset Management in New York.
Facebook's shares were up 1.1 percent. They were down about 0.5 percent when Chief Executive Mark Zuckerberg started his second day of testimony, but they flipped course as he pushed back on Congress members' suggestions that users do not have enough control of their data.
"He's trying to make sure that his view of the company which is, that they are good stewards of data, gets heard and it's unclear if they are going to go unscathed with no regulation."
The Dow Jones Industrial Average was down 139.87 points, or 0.57 percent, at 24,268.13. The index was weighed down by financials and industrial stocks, which are still reeling from the impact of the uncertainty on tariffs between the United States and China.
In a sign of the market cutting losses, advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE and a 1.14-to-1 ratio and on the Nasdaq, reversing course from earlier in the session when decliners slightly outnumbered advancers.
The Labor Department said U.S. consumer prices fell for the first time in 10 months in March, weighed down by lower gasoline costs, but underlying inflation continued to firm amid rising prices for healthcare and rental accommodation.
The CPI data, while not the Federal Reserve's preferred measure of inflation, comes ahead of the release of the minutes of the central bank's March meeting, in which it raised interest rates. Investors expect the minutes to reveal the Fed's thinking on the future path of rate hikes.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)