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US STOCKS-S&P, Dow fall in choppy trading, Nasdaq flat
October 4, 2016 / 3:37 PM / in a year

US STOCKS-S&P, Dow fall in choppy trading, Nasdaq flat

* U.S. shares of Deutsche Bank up 1.7 pct

* Apple boosts all three stock indexes

* Dow down 0.15 pct, S&P down 0.19 pct, Nasdaq up 0.03 pct (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Oct 4 (Reuters) - The S&P 500 index and the Dow fell in choppy trading on Tuesday, but Apple helped the Nasdaq stay in positive territory.

The markets lost momentum after the International Monetary Fund (IMF) lowered its growth forecast for the U.S. economy to 1.6 percent from 2.2 percent this year.

Ten of the 11 major S&P 500 indexes were down, with the rate-sensitive telecom services and utilities taking the biggest hit.

Apple rose nearly 1 percent to $113.61 and was the top influence on the three major indexes. The iPhone maker extended the global reach of Apple Pay by launching the software in Russia.

“The IMF has a pretty good track record of being able to forecast global growth and certainly when there is a downgrade, the market tends to see a selloff,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab in Austin, Texas.

The financials sector rose 0.08 percent, led by gains in Citigroup, Bank of America and JPMorgan .

Richmond Federal Reserve President Jeffrey Lacker said he would have dissented at the last rate-setting meeting if he had been able to vote, arguing that interest rates need to rise.

Traders have priced in a mere 10 percent chance of a hike at the Fed’s November meeting, which comes days before the Nov. 8 U.S. presidential election. The odds of a December hike stand at 62 percent, according to the CME Group’s FedWatch tool.

”The market is in a position where it is sensitive to news.

So it is going to be a back-and-forth day driven by various news stories that come out,” Frederick said.

At 11:23 a.m. ET the Dow Jones industrial average was down 28.25 points, or 0.15 percent, at 18,225.6.

The S&P 500 was down 4.03 points, or 0.19 percent, at 2,157.17.

The Nasdaq Composite was up 1.75 points, or 0.03 percent, at 5,302.62.

Deutsche Bank’s Frankfurt-listed stock was up 2.3 percent after major clients and rivals extended support to the bank, which is negotiating with U.S. authorities over a multi-billion dollar penalty. Its U.S.-listed stock was up 1.7 percent.

Darden shares rose 4.6 percent to $64.15 in premarket trading after the restaurant chain operator reported a rise in first-quarter sales.

Netflix rose 1.1 percent to $103.81 amid speculation that the company could be a takeover target.

Declining issues outnumbered advancing ones on the NYSE by 1,716 to 1,131. On the Nasdaq, 1,333 issues rose and 1,316 fell.

The S&P 500 index showed 13 new 52-week highs and three new lows, while the Nasdaq recorded 68 new highs and 18 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)

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