U.S. Stocks End 4-Day Win Streak

May 28, 2014 at 8:27 PM

The U.S. stock market ended Wednesday’s choppy session slightly lower, with the main benchmarks ending their four-day winning streak. The S&P 500 retreated from record levels but still closed above 1,900.

Analysts attributed small losses to investors taking a breather after four consecutive days of gains.

The S&P 500 SPX -0.11%  traded in positive territory for the most of the session but gave up incremental gains and closed 2.13 points, or 0.1%, lower at 1,909.76.

The Dow Jones Industrial AverageDJIA -0.25%  lost 42.32 points, or 0.3%, to 16,633.05.

The Nasdaq Composite COMP -0.28% dipped in and out of negative territory and ended the day down 11.99 points, or 0.3%, at 4,225.07.

“There were a few disappointing earnings, [a new] deal ... between Valeant and Allergan fell through. So, markets are taking a pause,” said Kim Caughey Forrest, investment analyst at Fort Pitt Capital. “Still, the bias in the stock market this year is upward. It seems like people are buying every dip, which are turning out to be very shallow.”

In corporate news, Michael Kors Holdings Ltd. KORS -0.14%  shares swung between big gains and losses and closed 1.3% higher, after the luxury retailer’s fiscal fourth-quarter profit topped estimates. Also read: Michael Kors courts jet-setting lifestyle image to stay ahead.

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Source: Market Watch



Category: Bizblog