U.S. stocks retreated from the biggest rally in more than a month as commodity and consumer shares slumped before the Federal Reserve’s interest rate decision.

The Standard & Poor’s 500 Index dropped 0.3 percent to 2,074.17 at 4 p.m. in New York, after earlier falling as much as 0.8 percent. The Nasdaq Composite Index rose 0.2 percent, boosted by Apple Inc. and Facebook Inc.

The S&P 500 has lost 2 percent from its March 2 record as concerns mounted that the surging dollar will hurt corporate earnings. Fed officials will assess the economy and debate the timing of the first interest-rate increase since 2006. The Fed may remove wording describing its stance to raising rates as “patient.”

Source : Bloomberg