Market Update: The S&P/ASX 200 fell 0.9% to 5,305 points following the US equity markets' drop last night on concerns that the US may potentially push up...

Market Update: The S&P/ASX 200 fell 0.9% to 5,305 points following the US equity markets' drop last night on concerns that the US may potentially push up interest rates earlier than expected. Resources led the broad base decline with BHP falling 1.5% and RIO losing 0.9%. Gold stocks had steeper losses as stronger greenback further weakened the physical metal, which dropped another 1.9% overnight. Resolute Mining, Alacer Gold and Evolution Mining all tumbled more than 9.0%. The banks were mixed with NAB flat while the other three down between 0.7% to 1.1%. The AUD has dropped USD 0.01 last night due to the stronger greenback and is currently trading at USD 0.9020. The SPI was down 1.1% at 5,303 points on the Sydney Futures Exchange.