Stocks closed mostly lower in New York as investors took some profits from Wednesday's hefty jump in prices and looked nervously toward the government's employment report today.
At the close of trading on Wall Street, the Dow Jones industrial average was down 51.29, or 0.5 per cent, at 10,537.05. Broader stock indicators were mixed, with the Standard and Poor's 500 index falling and the Nasdaq composite index closing modestly higher. The Standard and Poor's 500 was off 7.76 at 1,317.64, and the Nasdaq composite index rose 3.52 to 2,860.73.
Declining issues outnumbered advancers by a margin of about three to two on the New York Stock Exchange, with 1,714 down, 1,244 up and 574 unchanged. NYSE volume totalled 801.69 million shares, against 888.83 million in the previous session. "Taking profits is part of the story today after a big run-up on Wednesday and the other part is waiting for tomorrow to see what September's employment numbers look like," said Mr Hugh Johnson, chief investment officer at First Albany.
