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Wall Street sees modest profit taking

Wall Street ended modestly lower as the market consolidated recent gains, largely shrugging off a plunge in Chinese shares and weaker-than-expected data from the US factory sector.

business Updated: Jul 30, 2009 07:31 IST

Wall Street ended modestly lower as the market consolidated recent gains, largely shrugging off a plunge in Chinese shares and weaker-than-expected data from the US factory sector.

The Dow Jones Industrial Average shed 23.66 points (0.26 per cent) to 9,073.06 at the closing bell, as indexes pared losses late yesterday.

The Nasdaq composite dipped 7.75 points (0.39 per cent) to 1,967.76 and the broad-market Standard & Poor's 500 drifted down 4.26 points (0.43 per cent) to a preliminary close of 975.36.

Bob Dickey at RBC Wealth Management said the market still has positive momentum after gains of more than 40 per cent from lows hit earlier this year.

"There is no doubt in our minds that the current market trend is up until further notice," he said.

The New York market opened weaker after a stunning decline in China, where the main stock index fell 5.0 per cent in the worst session of the year.

The drop "got plenty of people's attention since China seems to be everyone's bastion of growth hope these days," said Patrick O'Hare at Briefing.