Rate hike jitters hit Wall Street - New York Report

US STOCKS dropped yesterday, giving the S&P 500 its biggest decline in two months, on increasing views the Federal Reserve may raise rates as soon as June.

The Dow and S&P 500 ended in negative territory for the year, with the S&P 500 off 3.5 per cent from its 2 March record closing high.

The Dow Jones industrial average fell 332.78 points, or 1.85 per cent, to 17,662.94, while the S&P 500 lost 35.27 points, or 1.7 per cent, to 2,044.16, its biggest daily percentage decline since 5 January. The Nasdaq Composite dropped 82.64 points, or 1.67 per cent, to 4,859.80.

Shares of IDT dropped 21.2 per cent to $16.30, a day after it released results. On the upside, Urban Outfitters rose 11.5 per cent to $44.06 after reporting earnings late on Monday that beat expectations.