Wall St dips on talk of rate hike - New York Report

US STOCKS fell yesterday, pushing the S&P 500 to its biggest decline in three weeks, weighed down by concerns about Greece and some upbeat data that fuelled expectations that a rate hike could come sooner rather than later.

The prospect of higher rates is one of the biggest issues that’s been weighing on the market, said Larry Peruzzi at Cabrera Capital Markets, though the day’s move may have been exaggerated because the market was closed Monday for Memorial Day.

The Dow Jones industrial average fell 190.48 points, or 1.04 per cent, to 18,041.54, the S&P 500 lost 21.86 points, or 1.03 per cent, to 2,104.2 and the Nasdaq Composite dropped 56.61 points, or 1.11 per cent, to 5,032.75.

Apple, down 2.2 per cent at $129.62, was the biggest drag on all three major indexes. Charter Communications’ shares were up 2.5 per cent at $179.78 after it agreed to buy Time Warner Cable.