Summary . All ten industry sectors of the Standard and Poor's 500 index dropped, led by a 1.2 percent fall
NEW YORK (AP) - U.S. stock indexes fell in morning trading on Tuesday as oil prices continue to slump and investors wait for clues from the Federal Reserve about when it might raise interest rates. The Fed will make a statement after a two-day policy meeting ends Wednesday. All ten industry sectors of the Standard and Poor s 500 index dropped, led by a 1.2 percent fall in raw-material companies.
KEEPING SCORE: The S&P 500 fell 12 points, or 0.6 percent, 2,068 as of 11:15 a.m. Eastern time. The Dow Jones industrial average shed 167 points, or 0.9 percent, to 17,810. The Nasdaq composite fell 20 points, or 0.4 percent, to 4,909.
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.
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.
ENERGY: Oil continued to slide after hitting a six-year low on Monday as supplies outpace demand. Benchmark U.S. crude was down 91 cents to $42.97 a barrel on the New York Mercantile Exchange.
SLIMMING DOWN: Weight Watchers sank 40 cents, or 4 percent, to $9.73 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, or 6 percent, to $53.22. 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 0.2 percent while Germany s DAX fell 1.8 percent. France s CAC 40 dropped 1 percent.
ASIA S DAY: Japan s Nikkei 225 rose 1 percent and South Korea s Kospi jumped 2.1 percent. Hong Kong s Hang Seng was down 0.2 percent and China s Shanghai Composite added 1.6 percent. Stocks in Australia and Southeast Asia were also higher.
CURRENCIES: The euro strengthened to $1.0607 from $1.0578. The dollar inched down to 121.29 yen from 121.37 yen.
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 Monda
