- Australian tennis star Purcell provisionally suspended for doping
- Asian markets track Wall St rally as US inflation eases rate fears
- Luxury Western goods line Russian stores, three years into sanctions
- Wallace and Gromit return with comic warning about AI dystopia
- Philippine military says will acquire US Typhon missile system
- Afghan bread, the humble centrepiece of every meal
- Honda and Nissan expected to begin merger talks
- 'Draconian' Vietnam internet law heightens free speech fears
- Israeli women mobilise against ultra-Orthodox military exemptions
- Asian markets track Wall St rally as US inflation eases rate worries
- Tens of thousands protest in Serbian capital over fatal train station accident
- Trump vows to 'stop transgender lunacy' as a top priority
- Daniels throws five TDs as Commanders down Eagles, Lions and Vikings win
- 'Who's next?': Misinformation and online threats after US CEO slaying
- Only 12 trucks delivered food, water in North Gaza Governorate since October: Oxfam
- InterContinental Hotels Group PLC Announces Transaction in Own Shares - December 23
- Melrose Group Publicly Files Complaint to the Ontario Securities Commission
- Langers edge Tiger and son Charlie in PNC Championship playoff
- Explosive batsman Jacobs gets New Zealand call-up for Sri Lanka series
- Holders PSG edge through on penalties in French Cup
- Slovak PM Fico on surprise visit to Kremlin to talk gas deliveries
- Daniels throw five TDs as Commanders down Eagles
- Atalanta fight back to take top spot in Serie A, Roma hit five
- Mancini admits regrets over leaving Italy for Saudi Arabia
- Run machine Ayub shines as Pakistan sweep South Africa
- Slovak PM Fico on surprise visit to Kremlin
- Gaza rescuers say Israeli strikes kill 35
- 'Incredible' Liverpool must stay focused: Slot
- Maresca 'absolutely happy' as title-chasing Chelsea drop points in Everton draw
- Salah happy wherever career ends after inspiring Liverpool rout
- Three and easy as Dortmund move into Bundesliga top six
- Liverpool hit Spurs for six, Man Utd embarrassed by Bournemouth
- Netanyahu vows to act with 'force, determination' against Yemen's Huthis
- Mbappe back from 'bottom' as Real Madrid down Sevilla
- Ali hat-trick helps champions Ahly crush Belouizdad
- France kept on tenterhooks over new government
- Salah stars as rampant Liverpool hit Spurs for six
- Syria's new leader says all weapons to come under 'state control'
- 'Sonic 3' zips to top of N.America box office
- Rome's Trevi Fountain reopens to limited crowds
- Mbappe strikes as Real Madrid down Sevilla
- 'Nervous' Man Utd humiliated by Bournemouth
- Pope again condemns 'cruelty' of Israeli strikes on Gaza
- Lonely this Christmas: Vendee skippers in low-key celebrations on high seas
- Troubled Man Utd humiliated by Bournemouth
- 2 US pilots shot down over Red Sea in 'friendly fire' incident: military
- Man Utd embarrassed by Bournemouth, Chelsea held at Everton
- France awaits fourth government of the year
- Germany pledges security inquest into Christmas market attack
- Death toll in Brazil bus crash rises to 41
Wall Street ends lower amid rising oil prices
US stocks reversed course in Wednesday's trading session, ending lower for the second day amid rising oil prices and fears that the Federal Reserve will have to move more aggressively to contain inflation.
The see-saw day started out upbeat following a good batch of earnings reports from Procter & Gamble and other companies, but shares tumbled after midday.
The benchmark Dow Jones Industrial Average fell nearly 340 points, or one percent, to finish at 35,028.65.
The broad-based S&P 500 also dropped one percent to end at 4,532.76, while the tech-rich Nasdaq Composite Index fell 1.2 percent to 14,340.25, and is about 10 percent below its November record.
Meanwhile, oil prices continued to march towards $100 a barrel, with WTI at $86.60 in late afternoon trading, 1.4 percent higher.
"I think that a lot of the stocks that have been doing very well over the past couple of weeks like food, energy, financials are running out of steam," Tom Cahill of Ventura Wealth Management told AFP.
And amid the prospect of rising borrowing rates, "you are getting a little bit of bargain hunting in some of the technology stocks."
Investors were spooked Tuesday as the yield on the 10-year Treasury note jumped above 1.85 percent, amid expectations the Fed could hike interest rates as many as four times this year. The rate, a proxy for the interest rate outlook, remained near that level on Wednesday.
Cahill called the move "a little frightening" even though markets had already factored in rising rates and the increased likelihood the Fed will begin to sell off some of its massive bond holdings.
Amid firms reporting earnings, Procter & Gamble jumped 3.4 percent after it raised its full-year forecast following strong results as robust consumer demand fueled higher sales even though the company increased prices on consumer goods.
Bank of America gained 0.4 percent and Morgan Stanley won 1.8 percent after both companies reported higher quarterly profits. Mixed results from other financial giants have weighed on the stock market in recent days.
M.Fischer--AMWN