U.S. stocks pull back after India's rate hike

13:52, March 20, 2010      

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U.S. stocks pulled back on Friday as India unexpectedly raised its major interest rates, spurring fears in the market that India's early withdrawal of economic stimulus will curtail global growth.

India's central bank suddenly hiked its key borrowing and lending rates by 0.25 percentage points each on Friday, raising concerns that other countries may soon follow suit

Health-care stocks also took center stage before a U.S. Congressional vote on the health care bill during weekend. President Barack Obama has postponed his planned Asia-Pacific trip for a second time to be in Washington, trying to facilitate the approval for his top domestic priority.

The Dow Jones industrial average lost 39.75, or 0.37 percent, to 10,739.42. The Standard & Poor's 500 index dropped 5.92, or 0. 51 percent, at 1,159.90 and the Nasdaq was down 16.87, or 0.71 percent, to 2,374.41.

Source: Xinhua
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