Photo: ReutersBengaluru: US stocks retreated on Thursday as investors booked profits after a record run a day earlier, with Caterpillar’s slump dragging down the Dow Jones Industrial Average. The financial index, which surged to its highest level since 2007 on Wednesday and has outperformed in the post-election rally, lost nearly 1% on Thursday. A large number of Fed officials this week have stoked the possibility of an interest rate hike this month as the economy strengthens. Traders have currently priced in a 74% chance of a rate hike this month, up from roughly 30% at the start of the week, according to Thomson Reuters data. The S&P 500 index showed 31 new 52-week highs and three new lows, while the Nasdaq recorded 106 new highs and 30 new lows.

Source: Mint March 02, 2017 19:18 UTC