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U.S. stocks turn lower as financial sector drops

Xinhua, April 3, 2017 Adjust font size:

U.S. stocks turned lower in the morning session on Monday, the first trading day of the month and the second quarter, as financial sector fell more than one percent to lead decliners.

At midday, the Dow Jones Industrial Average was down 88.29 points, or 0.43 percent, to 20,574.93. The S&P 500 lost 12.12 points, or 0.51 percent, to 2,350.60. The Nasdaq Composite Index shed 24.86 points, or 0.42 percent, to 5,886.88.

Investors mainly digested the newly-released economic data on Monday.

The manufacturing index, also known as the purchasing managers index (PMI), registered 57.2 in March, above market estimates of 57 but a decrease of 0.5 percentage point from the previous month reading of 57.7, the Institute for Supply Management (ISM) said in a report on Monday.

Meanwhile, trades will also keep a close eye on the minutes from the U.S. Federal Reserve and March' s nonfarm payroll reports later this week.

All three indices posted solid gains in the first quarter, with the S&P 500 closed with a rally of 5.5 percent. However, it is uncertain whether such rally is sustainable in the coming months.

Analysts said there appear to be growing concerns that Trump's tax reform, infrastructure spending and deregulation may take longer to pass than initially thought.

U.S. stocks rallied in the last week of March, as investors mainly digested a batch of economic reports and speeches delivered by Fed officials. Enditem