NEW YORK >> Investors' enthusiasm for stocks cooled today, sending the market slightly lower in an expected pullback after last week's big rally. Wall Street takes a
breather after rallyAssociated Press
Analysts attributed the lackluster trading to low volume ahead of the Labor Day holiday and continuing doubts that business will improve soon. They also speculated that some investors were holding off on any big moves until Wednesday, when the government releases data showing the economy's growth rate.
"There's also no reason to jump in and buy right now," said Larry Wachtel, market analyst for Prudential Securities. "But it was a fairly decent day. I would have thought that given the fact there was no catalyst, we would have given back half of Friday's gains, and we didn't."
The Dow Jones industrial average fell 40.82 at 10,382.35, retreating from a 193-point climb Friday. The Standard & Poor's 500 index lost 5.72 at 1,179.21, while the Nasdaq composite index was down 4.39 at 1,912.41. Decliners led advancers 8 to 7 in a quiet session at the New York Stock Exchange, with 1,749 down, 1,353 up and 222 unchanged. Volume was 834.39 million shares vs. 1.05 billion Friday. The NYSE composite index dropped 2.63 to 605.94, the American Stock Exchange composite index fell 3.52 to 888.71 and the Russell 2000 index lost 1.88 to 478.93. The Treasury's 10-year fell 1/32 to 100 18/32; its yield rose 1 basis point to 4.93 percent. The 30-year bond fell 7/32to 98 23/32; its yield rose 2 basis points to 5.46 percent.
Cisco Systems, which triggered the market's big gains with news its business was stabilizing, lost 24 cents to $18.01.
In economic news, the National Association of Realtors reported sales of existing homes slid in July to their lowest point in seven months -- a reflection of the slumping economy and job jitters as firms continue to lay off employees.