NEW YORK (dpa-AFX) – The New York stock exchanges did not initially find a common direction on Thursday with manageable price fluctuations. In the first hour of trading, the leading index Dow Jones Industrial fell 0.34 percent to 32,310.35 points. The market-wide S&P 500 was down 0.16 percent to 3883.10 meters. In contrast, the technology-heavy Nasdaq 100 gained 0.15 percent to 12,818.67 points after it was hit harder by the late market weakness in the middle of the week than the two standard value indices.
The Dow has been going through a consolidation for a few days, “with which the previous overheating is reduced,” commented expert Franz-Georg Wenner from Index-Radar. The late weakness of the past two trading days suggests that institutional investors were taking advantage of a friendly prelude to profit-taking. “This does not necessarily have to result in a major correction, but should be considered as a weakness signal”, Wenner continues./gl/fba
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