(MENAFN- ProactiveInvestors) U.S. stocks were mostly lower Thursday after yesterday's sharp rally as the Fed suggested that an interest rate hike is likely to come later rather than sooner.
As of noon in New York the Dow Jones Industrial Average was down 109 points at 17968 while the S&P 500 fell 11 points to 2089. The Nasdaq meanwhile traded in positive territory last up 7 points at 4990.
The Dow climbed 227 points on Wednesday after the Fed dropped the word "patient" from its policy statement on raising rates but reminded everyone that removing the word "patient" does not equal impatience. The central bank downgraded its views on the economy inflation and lowered its interest rate trajectory with the statement suggesting the first rate hike won't come until at least September. Many had expected the Fed to move in June.
In the wake of the Fed's dovish comments the dollar reclaimed much of the ground it lost on Wednesday after posting its biggest daily fall in 18 months.
On the economic calendar today the government reported that weekly jobless claims were barely changed at 291000 edging up by a scant 1000 for the week ending March 14. Economists had expected claims to total 290000.
In addition the Philadelphia Fed survey manufacturing index slowed slightly to a reading of 5.0 in March below the 5.2 in February and short of estimates. It is the lowest reading in the index since February last year.
Meanwhile the Conferece Board's leading economic indicators index rose 0.2% in February signalling the economy should expand at a moderate rate in the months ahead.
In corporate activity investors are watching () to see whether the stock impacts trading on the Dow Jones Industrial Average today after being included in the index after Wednesday's close replacing AT&T (). Shares of were last down 0.4%.
Target (GT) has agreed to pay $10 million in a proposed settlement of a class-action lawsuit related to the massive 2013 data breach. The retailer also said it plans to increase worker pay to at least $9 an hour.
Yahoo () said it is closing its Beijing research and development centre and leaving China as part of cost-cutting efforts.
() said it is partnering with a Taiwanese drinks maker to produce and sell ready-to-drink beverages in China as it expands in the country.
() says it will scrap four rigs which will result in an estimated non-cash charge of $300 million to $325 million net of taxes in its first quarter results. Shares were off more than 6% Thursday.
On the earnings front Corp () turned lower even after its first quarter earnings jumped to top Street estimates as better-than-expected revenue climbed 21%.
() surged over 15% after beating estimates on earnings. The company did however forecast a wider-than-expected first quarter loss citing currency issues.
Nike () is slated to report quarterly results after today's closing bell.
Oil prices turned lower on Thursday after the latest report on U.S. crude inventories soared with the contract in New York down $1.01 at $43.68 a barrel. Gold futures rose $20 to $1171 an ounce on the Comex.
European markets were mixed today while Asian markets ended mostly higher with both Hong Kong and Shanghai shares rising on the back of the US rally on Wednesday.
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