The US markets turned negative in the final hour of trading to close lower. The technology sector and the geopolitical turmoil weighed in on sentiment amid light trading.
Dow Jones Industrial Average was down 0.19% or 22.71 points at 12197.88. Nasdaq Composite was down 0.45% or 12.38 points at 2730.68. Standard & Poor's 500 was down 0.27% or 3.61 points at 1310.19.
In economic data, pending home sales unexpectedly gained 2.1% in February, contrary to economists' estimates. And US consumer spending rose slightly more than expected in February for the eighth straight month of gains as households tapped their savings. Inflation meanwhile accelerated at its fastest pace since 2009.
In the economic data to watch, the consumer confidence index for March is expected to come at sixty four. Figure for February was at 70.4. On the housing front, the S&P- case Shiller home price index is expected today.
With the euro firmer, the dollar index is a touch softer at around the 76 levels. The greenback however kept a firm footing against the yen. The euro meanwhile held its ground in Asia after Trichet's comments bolstered views for an interest rate hike.
Crude prices dropped with Nymex near weekly low of USD 103 per barrel as Libyan rebels regained key territories and redoubled their efforts to resume oil exports. Brent traded at around the USD 114 per barrel.
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