Stocks settle after brush with 10,000

Posted: Thursday, December 11, 2003

NEW YORK (AP) Wall Street retreated modestly in light trading Wednesday, with the market in search of a direction following the Dow Jones industrials' brief foray above 10,000 a day earlier.

Investors appeared unwilling to push the market significantly higher in the absence of news Wednesday, and following the milestone touched in the previous session.

''There are two things at play in this market,'' said Kevin Caron, market strategist with Ryan, Beck & Co., LLC. ''You've got fundamental conditions in the economy improving, but on the other hand you have the very human response of money managers, who are facing the year-end and trying to position their portfolios after two or three down years.''

The Dow closed down 1.56, or 0.02 percent, at 9,921.86. In the previous session, the index blipped above 10,000 for all of a minute.

The broader gauges also dipped lower Wednesday. The Nasdaq composite index ended down 3.67, or 0.2 percent, at 1,904.65. The Standard & Poor's 500 index fell 1.13, or 0.1 percent, to 1,059.05.

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