Stocks turned lower in late trading in New York yesterday as optimism about second-quarter earnings gave way to selling by investors eager to reap returns from last week's stunning gains.
At the close of trading on Wall Street, the Dow Jones industrial average was down 4.12 at 11,135.12. Earlier in the session, the blue-chip index had risen 97.52 points above Friday's record close of 11,139.24.
Broader stock indicators were also lower after a late sell-off.
The Standard and Poor's 500 index fell 3.09 to 1,388.13, and the Nasdaq composite index fell 4.50 to 2,736.52.
Declining issues outnumbered advancers by a 10-to-9 margin on the New York Stock Exchange, with 1,609 down, 1,463 down and 489 unchanged.
NYSE volume totalled 718.47 million shares, against 583.75 million in the previous session.
The NYSE composite index fell 0.35 to 654.77, and the American Stock Exchange composite index rose 2.47 to 804.89.
The Russell 2000 index of smaller companies rose 0.92 to 457.43.
