Wall Street Late

The basic materials and energy sectors led stocks lower yesterday after China, the world's second-largest economy, cut its growth target for 2012.

Data showing the US services sector expanded at its fastest pace in a year in February failed to brake the market's decline.

China lowered its 2012 target to an eight-year low of 7.5% and made expanding consumer demand its top priority, as Beijing looks to shrink reliance on external spending and foreign capital.

Dow Jones industrials lost 14.76 points, or 0.11%, to 12962.81. The S&P 500 dropped 5.30 points, or 0.39%, to 1364.33. The Nasdaq Composite fell 25.71 points, or 0.86%, to 2950.48.