US close: Equities surrender dot-plot gains, dollar dives
US stocks ended their mini rally on Thursday, as gains made after the Federal Reserve raised interest rates in the previous session were eroded.
The Dow Jones Industrial Average closed almost 16 points lower at 20,932.55, the S&P 500 fell nearly four points to 2,381.38.
Tech stocks nudged the Nasdaq minutely higher, up less than a point to 5,900.76, while the Russell 2000 small cap index also held onto its gains from Wednesday's more cautious FOMC announcement.
"The small caps had been under pressure thus far in March but they have posted a firm rebound and now look poised to benefit once more from the combination of gradual rate increases and solid economic growth that prevails in the US," said analyst Chris Beauchamp at IG.
The large cap indices were weighed down by some energy stocks, which were under pressure again from the recent oil price wobble. Chevron recovered from its worst early losses to close almost 1% lower, while rival ExxonMobil rebounded into positive territory.
Chevron fall on the Dow was only eclipsed by chemicals group Du Pont, as it nears its $130bn merger with Dow Chemical in the second quarter.
West Texas Intermediate was down 0.4% to $48.67 a barrel and Brent crude was 0.15% weaker at $51.73.
Although equity bullishness died off, the Fed’s dovishness continued to hit the dollar, which slid on the back of the statement and continued on Thursday with the greenback trading down 0.77% against the pound to 1.235, though this was accelerated by the surprise hawkishness of the Bank of England's minutes that were released on Thursday.
The greenback fell roughly 0.2% versus the yen to 113.3 and, with many taking confidence from the Netherlands' staving off of the nationalist threat, the euro surged to 1.0772, levels not seen since the start of February.
On the data front, US housing starts rose 3% in February to 1.28m, slightly above the 1.26m consensus forecasts. But permits fell 6.2% to 1.21m, below the 1.26m expected. Housing starts were up 6.2% in February year-on-year.
Initial jobless claims were down marginally to 241,000 for the week ending 11 March from 243,000 the previous week and close to the 240,00 consensus forecast.
The Philadelphia Fed manufacturing survey fell to 32.8 in March from 43.3 the month earlier and was ahead of the 28.0 expected.
The key 'new orders' gauge, which helps to forecast future activity, improved slightly to 38.6 from 38.0, the highest reading since December 1987.
In corporate news, software company Oracle rallied 7.19% after its third-quarter earnings late on Wednesday came in ahead of expectations.
Camera maker GoPro climbed 16.12% after it announced job cuts late on Wednesday and said it expects to be profitable on an adjusted basis this year.
Retailer Williams-Sonoma was up 2.81% after its fourth-quarter profit beat analysts’ expectations.
Dollar General added 2.32% after the discount retailer beat revenue forecasts and said it will increase managers' pay.
On the downside, Guess tumbled 10.79% after the fashion retailer’s earnings missed expectations on Wednesday.
Canada Goose fell 4.79% after a tepid initial public offering on the New York Stock Exchange.
Dow Jones - Risers
International Business Machines Corp. (IBM) $177.24 0.81%
American Express Co. (AXP) $79.77 0.68%
Goldman Sachs Group Inc. (GS) $248.22 0.58%
Home Depot Inc. (HD) $148.73 0.53%
Coca-Cola Co. (KO) $42.26 0.31%
Apple Inc. (AAPL) $140.69 0.16%
Visa Inc. (V) $90.04 0.13%
Intel Corp. (INTC) $35.14 0.11%
Exxon Mobil Corp. (XOM) $82.06 0.09%
McDonald's Corp. (MCD) $127.98 0.08%
Dow Jones - Fallers
Du Pont de Nemours and Co. (DD) $80.60 -1.08%
Chevron Corp. (CVX) $107.86 -0.94%
Merck & Co. Inc. (MRK) $64.18 -0.80%
United Technologies Corp. (UTX) $112.34 -0.65%
Pfizer Inc. (PFE) $34.43 -0.58%
Caterpillar Inc. (CAT) $92.85 -0.55%
3M Co. (MMM) $190.31 -0.47%
Johnson & Johnson (JNJ) $128.46 -0.39%
Boeing Co. (BA) $178.19 -0.29%
Unitedhealth Group Inc. (UNH) $171.30 -0.28%
S&P 500 - Risers
Oracle Corp. (ORCL) $45.74 6.23%
Frontier Communications Co. (FTR) $2.51 4.15%
NRG Energy Inc. (NRG) $17.89 2.46%
Franklin Resources Inc. (BEN) $43.91 2.14%
Whole Foods Market Inc. (WFM) $29.47 2.01%
Kohls Corp. (KSS) $40.49 1.94%
Intercontinental Exchange Inc (ICE) $61.55 1.90%
Charles Schwab Corp. (SCHW) $43.53 1.90%
Under Armour Inc. Class A (UAA) $19.82 1.85%
Nucor Corp. (NUE) $64.60 1.81%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $176.57 2.63%
Tesla Inc (TSLA) $262.05 2.47%
Vodafone Group Plc ADS (VOD) $26.38 1.93%
Lam Research Corp. (LRCX) $125.97 1.45%
Dollar Tree Inc (DLTR) $75.53 1.30%
Nvidia Corp. (NVDA) $103.81 1.23%
Check Point Software Technologies Ltd. (CHKP) $101.92 1.18%
Liberty Interactive Corporation QVC Group (QVCA) $20.07 1.16%
Cerner Corp. (CERN) $56.35 1.15%
Shire Plc Ads (SHPG) $180.13 1.05%
Nasdaq 100 - Fallers
Biogen Inc (BIIB) $278.96 -4.67%
Illumina Inc. (ILMN) $159.46 -3.91%
Incyte Corp. (INCY) $148.44 -2.76%
Vertex Pharmaceuticals Inc. (VRTX) $92.36 -2.34%
Autodesk Inc. (ADSK) $86.73 -1.89%
Express Scripts Holding Co (ESRX) $64.83 -1.86%
Biomarin Pharmaceutical Inc. (BMRN) $90.96 -1.66%
Broadcom Limited (AVGO) $222.36 -1.58%
Electronic Arts Inc. (EA) $90.20 -1.43%
Maxim Integrated Products Inc. (MXIM) $45.36 -1.39%
S&P 500 - Fallers
Biogen Inc (BIIB) $278.96 -4.67%
Illumina Inc. (ILMN) $159.46 -3.91%
Newmont Mining Corp. (NEM) $32.81 -3.78%
Transocean Ltd. (RIG) $12.53 -3.47%
Whirlpool Corp. (WHR) $172.65 -2.69%
Vertex Pharmaceuticals Inc. (VRTX) $92.36 -2.34%
DTE Energy Co. (DTE) $100.21 -2.29%
Hartford Financial Services Group Inc. (HIG) $48.81 -2.13%
Vulcan Materials Co. (VMC) $116.36 -2.05%
Agilent Technologies Inc. (A) $53.05 -1.94%