PROFIT taking sent US stocks down yesterday as investors took a breather after four days of solid gains fueled by positive economic data.
The Dow Jones industrial average fell 42.32 points or 0.25 per cent, to 16,633.18. The S&P 500 lost 2.13 points or 0.11 per cent, to end at 1,909.78, and the Nasdaq Composite dropped 11.99 points or 0.28 per cent, to 4,225.08.
Among retailers, Michael Kors Holdings climbed 1.3 per cent to $97.01 following the company’s quarterly earnings as sales of its handbags and watches surged in North America. But the company cautioned it expected the cost of opening new stores in Europe to depress gross margins in the next few quarters.
Volume was modest, with about 5.38bn shares traded on US exchanges, below the 5.79bn average this month, according to data from BATS Global Markets.