US equities end down on economic uncertainty about world's largest economy

US stocks closed in the red on March 20 as uncertainty over the world's largest economy persisted after the Federal Reserve raised its inflation forecasts and lowered its growth estimates, amid renewed geopolitical tensions.

The Dow Jones Industrial Average kept flat at 41,953 points, eroding early gains after touching 42,250.

The S&P 500 index fell 0.2%, or 12 points, to 5,662 points. Similarly, Nasdaq Composite lost 0.35%, or 59 points, to close at 17,691 points.

As for European markets, the STOXX Europe 600 retreated 0.45% to 552.9 points.

The British FTSE index stabilized at 8,701 points, while the French CAC 40 index fell 0.95% to 8,094 points. The German DAX index was also down 1.25% to 22,999 points.

The Japanese markets were closed. Trade will resume tomorrow, March 21.

On oil, Brent crude futures for May delivery rose 1.7%, or $1.22, to $72 a barrel, marking the highest level since late February.

Meanwhile, US WTI crude futures for April delivery (expiring today) rose 1.65%, or $1.10, to $68.26 a barrel.

As for gold, April futures climbed 0.1%, or $2.6, to $3,043.80 per ounce, hitting a record high for the sixth consecutive session.