Summary U.S. stock indexes are mostly lower in afternoon trading on Tuesday as oil prices continue to slump
NEW YORK: (AP) - U.S. stock indexes are mostly lower in afternoon trading on Tuesday as oil prices continue to slump and investors wait for clues from the Federal Reserve about when it will raise interest rates. The Fed will make a statement after a two-day policy meeting ends Wednesday. Nine of the 10 industry sectors of the Standard and Poor s 500 index dropped, led by a 1 percent fall in raw-material companies.
KEEPING SCORE: The S&P 500 slipped six points, or 0.3 percent, 2,075 as of 2:16 p.m. Eastern time. The Dow Jones industrial average shed 115 points, or 0.6 percent, to 17,861. The Nasdaq composite inched up nearly six points, or 0.1 percent, to 4,935.
FED WATCH: Investors are anxious to see if the Fed will drop the word "patient" in describing its timetable for raising interest rates. Most economists expect the word to be removed from the statement issued Wednesday. Stock markets have been boosted for several years by record low interest rates.
When the Fed will raise rates is a different question. Estimates are swinging between midyear and later in the year. Weak U.S. economic data Monday pushed expectations toward later in the year. Last week, strong U.S. jobs had many picking midyear.
THE QUOTE: "There s a complete lack of conviction in the market because of the Fed meeting," said Aaron Jett, an equity strategist at Bel-Air Investment Advisors. "There s a wide variety of opinion about when they ll increase rates."
BUILDER BLUES: Construction of new homes plummeted in February, as fierce winter weather froze housing starts in the Northeast and Midwest. The Commerce Department said that builders began construction at a seasonally adjusted annual rate of 897,000 homes in February, a steep 17 percent plunge from January.
Homebuilder stocks dropped. Hovnanian Enterprises fell 4 cents, or 1 percent, to $3.31.
ENERGY: Oil continued to slide after hitting a six-year low on Monday as supplies outpace demand. Benchmark U.S. crude was down 42 cents to $43.48 a barrel on the New York Mercantile Exchange.
APPLE TV: Apple rose $2.23, or 1.8 percent, to $127.18 on a report in the Wall Street Journal that the iPhone maker is in talks with programmers to include TV networks in an online television service.
SLIMMING DOWN: Weight Watchers sank 42 cents, or 4 percent, to $9.71 after Credit Suisse downgraded its rating on the stock. The bank said the company faces tough competition from free and low-cost weight loss applications.
TAKING FLIGHT: American Airlines jumped $3.45, or 7 percent, to $53.67 after news that the carrier will join the S&P 500 index after the close of trading Friday.
EUROPE S DAY: Britain s FTSE 100 edged up 0.5 percent while Germany s DAX fell 1.5 percent. France s CAC 40 dropped 0.6 percent.
CURRENCIES: The euro strengthened to $1.0596 from $1.0578. The dollar traded at 121.38 yen, nearly flat from 121.37 yen on Monday.
BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.06 percent from 2.08 percent on Monday.
METALS: Precious and industrial metals futures fell. Gold lost $5 to $1,148.20 an ounce, silver fell four cents to $15.58 an ounce and copper fell three cents to $2.63 a pound.
