S&P 500 Posts Third Straight Fall

The S&P 500 closed lower for a third consecutive session after expectations of a US rate hike became almost certain and oil prices ended the day lower on higher inventories in the country.The index, which tracks the 500 most valuable companies in the country, ended 0.23 percent lower at 2,362.98. A 2.5 Percent-drop in the price of oil contributed to the fall. Oil prices fell 5.53 percent after data in the US showed a build-up of crude oil inventories in the country. The ADP employment report also posted a massive beat, showing that 298,000 people were hired across the US in February, much higher than the projected 185,000. The figure pushed the odds of a March rate hike to 91 percent. A rate hike usually has a negative impact on equity prices. The US Fed will determine whether to hike rates or not next week. 
Stocks in Europe meanwhile closed mixed. The UK's FTSE 100 was 0.06 percent lower and so relatively flat for the third straight session. Stocks in other European countries were little moved as they wait on tomorrow for the European Central Bank's rate call. Stoxx 600, which track the best 600 companies in Europe in terms of market cap, closed 0.08 percent higher at 372.58. Germany’s DAX 30 was barely up, rising 0.01 percent. France’s CAC 40 rose meanwhile 0.11 percent.

Source: QNA