Closing Bell: Apple Announces March Event; U.S. Stocks Slide on Oil

U.S. stocks pared major losses in the final hours, though did close in the red as investors digested the likelihood of no further rate hikes from the European Central Bank.

Author:: Keris Alison Lahiff
Publish date:: Mar 10, 2016 4:53 PM EST

U.S. stocks pared major losses in the final hours, though did close in the red as investors digested the likelihood of no further rate hikes from the European Central Bank. Crude oil prices dragged down the energy sector after falling below $38 a barrel. Alibaba (BABA) has signed for a $3 billion over five years as it seeks to expand through acquisitions. The company already has $10 billion in cash in its coffers and analysts predict the e-commerce site will venture into profitable areas such as online video to spur growth. Apple (AAPL) has set a March 21 event in which tech industry watchers say the tech giant could unveil a new iPhone model. Analysts predict the tech giant could reveal a smaller four-inch phone to pad out its smartphone line. TheStreet's Keris Lahiff reports from Wall Street.