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U.S. stocks open lower amid rate hike concerns

Xinhua, March 2, 2017 Adjust font size:

U.S. stocks opened lower Thursday as Wall Street assessed the possibility of a March rate hike.

Federal Reserve Governor Lael Brainard -- a known dove in the central bank's monetary policy committee -- reportedly said Wednesday evening that the Federal Reserve could raise rates "soon," citing an improved global economy.

Market expectations for a March rate hike were around 75 percent, according to the CME Group's FedWatch tool.

On the economic front, in the week ending Feb. 25 the advance figure for seasonally adjusted initial jobless claims was 223,000, a decrease of 19,000 from the previous week's revised level, the U.S. Labor Department said Thursday. This is the lowest level for initial claims since March 31, 1973 when it was 222,000.

The four-week moving average was 234,250, a decrease of 6,250 from the previous week's revised average. This is the lowest level for this average since April 14, 1973 when it was 232,750.

Shortly after the opening bell, the Dow Jones Industrial Average fell 15.95 points, or 0.08 percent, to 21,099.60. The S&P 500 lost 4.41 points, or 0.18 percent, to 2,391.55. The Nasdaq Composite Index decreased 9.52 points, or 0.16 percent, to 5,894.51.

On Wednesday, U.S. stocks surged, with all three major indices closing at record highs as investors cheered President Donald Trump's speech to Congress delivered Tuesday night. Endi