US stocks end lower after choppy trade | Latest News India - Hindustan Times
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US stocks end lower after choppy trade

None | ByAssociated Press, New York
Jul 27, 2006 09:18 AM IST

Consumer discretionary and industrial stocks finished lower as investors sold off Amazon.com Inc., Boeing Co. and UPS Inc. on disappointing earnings news.

Investors cashed in profits from a two-day rally on the Wall Street on Wednesday, leaving stocks marginally lower after a session of seesaw trading.

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Stocks opened lower, gained a little after the Federal Reserve's Beige Book of regional economic conditions said that inflation was in check, and then dropped as the session neared its close.

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Consumer discretionary and industrial stocks finished lower as investors sold off Amazon.com Inc., Boeing Co. and UPS Inc. on disappointing earnings news.

Energy stocks gained as a spike in oil prices helped the sector. A barrel of light crude settled at $73.94, up 19 cents, on the New York Mercantile Exchange. Oil had advanced as much as 90 cents a barrel earlier in the session.

Health care and utility stocks also rose as investors headed into the traditionally defensive sectors, which tend to do well in a choppy economy.

At the close of trading, the Dow Jones industrial average lost 1.20, or 0.01 per cent, to 11,102.51 after rising a total of 230 points the first two days this week.

Broader stock indicators also fell. The Standard & Poor's 500 index lost 0.48, or 0.04 per cent, to 1,268.40, while the Nasdaq composite index lost 3.44, or 0.17 per cent, to 2,070.46. Advancing issues led decliners by roughly 9 to 7 on the New York Stock Exchange.

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