U.S. stocks trade lower after sharp gains

NEW YORK, Feb. 13 (Xinhua) -- U.S. stocks traded lower on Tuesday as choppy trading continued in Wall Street after sharp gains in the previous session.

At midday, the Dow Jones Industrial Average lost 93.05 points, or 0.38 percent, to 24,508.22. The S&P 500 decreased 7.23 points, or 0.27 percent, to 2,648.77. The Nasdaq Composite Index was down 5.38 points, or 0.08 percent, to 6,976.59.

U.S. equities on Monday recovered some losses from last week's heavy sell-off. Last week, all three major indices slumped over 5 percent, notching their worst weekly performance in about two years.

Traders said that the investors' move to lock in profits, possibly some computer-programed trading, combined with concerns about interest rates have sent the equities into correction territory.

With no major data due on Tuesday, investors were awaiting the closely-watched Consumer Price Index scheduled to release on Wednesday to get more information of the country's inflation level.

Moreover, Cleveland Federal Reserve President Loretta Mester said on Tuesday that the recent market rout was not impacting the central bank's economic outlook.

"While a deeper and more persistent drop in equity markets could dash confidence and lead to a pullback in risk-taking and spending, the movements we have seen are far away from this scenario," he said. Enditem