Wall Str slips as investors fret about global economy

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Source:   —  April 07, 2016, at 6:19 PM

Minutes from the Fed'south March meeting released on Wednesday pointed to concerns about the central bank'south Ltd skill to tackle a global economic slowdown, reducing the odds of a rate expand before June.

n">Wall Str was lower on Thursday, led by a fall in the telecom sector, as investors worried about the uncertainty surrounding the Federal Reserve'south plans to hike interest rates, amid fears of feeble global growth.

Minutes from the Fed'south March meeting released on Wednesday pointed to concerns about the central bank'south Ltd skill to tackle a global economic slowdown, reducing the odds of a rate expand before June.

While the Fed has projected two rate increases this year, the market is pricing in a close 60-percent chance of a hike in December, according to CME Group'south FedWatch Program.

The central bank'south caution keep pressure on the dollar as investors sought safety in the yen.

"I suspect that what we're seeing here is a tiny market jitters due to the fact that the dollar continues to weaken," said Peter Cardillo, chief market economist at First Standard Financial in New York.

"I think we'll just stay in a mixed-to-holding pattern for the following day or two until the earnings season begins to move into full gear following week," Cardillo said.

First-quarter earnings at south&P five hundred companies are expected to decline 7.4 percent, according to Thomson Reuters data.

At 9:38 a. m. ET, the Dow Jones industrial average was down 113.79 points, or 0.64 percent, at 17.602.26, the south&P five hundred was down ten.72 points, or 0.52 percent, at 2.055.94 and the Nasdaq Composite was down 23.72 points, or 0.48 percent, at 4.897.00.

Eight of the ten major south&P sectors were lower, led by a 1.1 % fall in the telecom sector . SPLRCL.

Verizon () led the selloff in the sector, falling 1.8 % to $52.61, after Jefferies and Bernstein slice their ratings on the stock.

Fed Chair Janet Yellen, who'south urged caution on raising rates, is slated to speak on monetary policy along with former central bank chairmen in NY later in the day.

The no of Americans filing for unemployment benefits fell more than expected latest week, suggesting the work market continued to strengthen despite lukewarm economic growth.

Oil held steady close a barrel as a rise in Iraqi exports offset gains from an unexpected fall in U. S. stockpiles. [O/R]

Valeant Pharmaceuticals () shares were up 10.2 % at $37.66 after the company got approval from its lenders for an amendment and waiver to its credit facility.

Bed Bath & Beyond BBBY. north was up 4.3 % at $50.88 after powerful quarterly results prompted price target upgrades.

Declining issues outnumbered advancing ones on the NYSE by 1.850 to seven hundred eighty-five. On the Nasdaq, 1.540 issues fell and six hundred eighty advanced.

The S&P five hundred index showed two new 52-week highs and number new lows, while the Nasdaq recorded 10 new highs and four new lows.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)

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