US smaller company shares set a new high for the fifth successive session, but blue chip shares fell as investors found few incentives to take the already pricey sector further into record territory.
The Dow Jones industrial average dropped 27.05 points to close at 7,330.18. The markets have rallied since mid April amid signs that the vigorous US economy may be easing enough to keep a lid on inflationary pressures without another boost in interest rates by the Federal Reserve.
Advances outnumbered declines by more than a 4 to 3 margin on the New York Stock Exchange, with 1,460 up, 1,068 down and 848 unchanged.
NYSE volume totalled 464.02 million shares, against 487.19 million in the previous session.
The Standard and Poor's 500 stock list fell 3.13 to 8 44.08, the NYSE's composite index fell 0.80 to 438.86, and the Nasdaq composite index fell 7.14 to 1,403.04.
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