US Stocks drop on expectations for higher interest rates

US stocks fell Tuesday as investors fretted about the prospect of higher interest rates. A handful of upbeat economic data releases and comments from Federal Reserve officials increased investors’ expectations that rates will rise this year. 

    The Dow Jones Industrial Average fell 180.73 points, or 1%, to 17529.98. The S&P 500 dropped 19.45 points, or 0.9%, to 2047.21.  The Nasdaq Composite lost 59.73 points, or 1.3%, to 4715.73. 

    Tuesday’s declines reduced the S&P 500’s gains for the year to 0.2%. US crude-oil futures rose 1.2% to $48.31 a barrel, a seven-month high, on continued signs of supply declines from around the world Elsewhere, the Stoxx Europe 600 ended little changed, while Japan’s Nikkei Stock Average rose 1.1%.