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1st LD Writethru: U.S. stocks decline despite upbeat data

Xinhua, March 25, 2015 Adjust font size:

U.S. stocks pared early gains to end lower Tuesday, as speculations about an earlier rate hike was growing following the release of better-than-expected economic data.

The Dow Jones Industrial Average dipped 104.90 points, or 0.58 percent, to 18,011.14. The S&P 500 lost 12.92 points, or 0.61 percent, to 2,091.50. The Nasdaq Composite Index was down 16.25 points, or 0.32 percent, to 4,994.73.

Sales of new single-family houses in February 2015 were at a seasonally adjusted annual rate of 539,000, the highest level since February 2008, according to the U.S. Department of Commerce.

This is 7.8 percent above the revised January rate of 500,000 and is 24.8 percent above the February 2014 estimate of 432,000.

U.S. Consumer Price Index (CPI) rose 0.2 percent in February on a seasonally adjusted basis, in line with analysts' expectations, the U.S. Labor Department reported Tuesday. That marked the first increase since October.

A recovery in energy prices during the month is likely to account for part of the rise. The energy index rose after a long series of declines, increasing 1.0 percent as the gasoline index turned up after falling in recent months.

The so-called core CPI, the index for all items less food and energy, increased 0.2 percent in February, the same increase as in January.

"While today's CPI report is unlikely to affect the Federal Open Market Committee's thinking, three months of solid increases in new home sales might make the committee incrementally more comfortable with tightening," said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.

Meanwhile, U.S. manufacturers indicated a strong end to the first quarter of 2015, financial data firm Markit said Tuesday.

The seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers'Index picked up to 55.3 in March, up from 55. 1 in February. The latest reading signaled the strongest overall improvement in manufacturing business conditions since October 2014.

The U.S. dollar index, which measures the greenback against six major peers, was up 0.15 percent at 97.174 in late trading. Endite