US STOCKS-Wall St pares gains as data raises rate hike chances

GDP and consumer spending data raised the likelihood of the Federal Reserve hiking interest rates sooner than expected. U.S. crude prices, a major stock market driver this year, also gave up most of their early gains and were up less than 1 percent. The U.S. Federal Reserve raised rates in December and Chair Janet Yellen has hinted at a gradual increase through 2016 if data shows the economy is strong enough to withstand a move away from near-zero rates.