US: Stocks edge down as Federal Reserve stays dovish on rates

[NEW YORK] Wall Street stocks finished a choppy session slightly lower on Tuesday after Federal Reserve Chair Jerome Powell reiterated a dovish approach to further interest rate hikes.The broad-based S&P 500 also lost 0.1 per cent to close at 2,793.90, as did the tech-rich Nasdaq Composite Index, which finished at 7,549.30.

After a nearly 20 per cent jump in US stocks since late December, some analysts think the market will find it hard to rise much further absent a positive catalyst, such as a final trade deal between the US and China. Among individual companies, Caterpillar slumped 2.4 per cent following a downgrade by UBS, which predicted the industrial giant would achieve peak earnings in 2019 but decline in 2020 as it faces headwinds in the construction and oil and gas markets.

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