NEW YORK, Feb. 28 (Xinhua) -- Wall Street's major averages finished lower on Tuesday as investors remained concerned about higher interest rates.

The Dow Jones Industrial Average fell 232.39 points, or 0.71 percent, to 32,656.7. The S&P 500 sank 12.09 points, or 0.30 percent, to 3,970.15. The Nasdaq Composite Index slipped 11.44 points, or 0.10 percent, to 11,455.54.

Eight of the 11 primary S&P 500 sectors ended in red, with utilities and energy down 1.72 percent and 1.44 percent, respectively, leading the laggards. Materials rose 0.45 percent, the best-performing group.

"Equity markets have been restrained by the prospect of further Fed rate hikes," said Brian Rose, senior economist at UBS Chief Investment Office.

"We infer that the economy is in late-cycle, with growth likely to slow and the Fed hiking rates to curtail inflation," said Rose.

The Federal Reserve raised rates by 25 basis points on Feb. 1, setting the federal funds target range at 4.5 percent to 4.75 percent.

Comments from Fed officials have suggested that the central bank is likely to continue hiking rates in the months ahead.

Markets are pricing in 25 basis point hikes at the next three Federal Open Market Committee meetings.

For the month of February, the Dow shed 4.2 percent, the S&P 500 dropped 2.6 percent, and the tech-heavy Nasdaq dipped 1.1 percent.