Technology issues fell again in New York yesterday, pulling the market lower after the Federal Reserve declined to increase US interest rates but indicated it remains concerned about inflation.
The central bank's decision to hold rates steady did little to reassure investors that the third-quarter earnings due out this month would not disappoint. Instead, its references to the tight labour market and higher energy costs appeared to revive market concerns about poor corporate performance.
The Dow Jones closed up 19.61, or 0.2 per cent, at 10,719.74, after rising more than 140 points earlier in the day.
Broader indicators were lower. The Nasdaq Composite fell 113.73, or 3.2 per cent, to 3,455.17, after having risen about 60 points at the opening. The Standard and Poor's 500 index slipped 9.87, or 0.7 per cent, to 1,426.36.
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