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Wall Street pulls back

Wall Street

Wall Street

Major US stock indexes oscillated between modest gains and losses on the heels of Wednesday’s rally, with the S&P showing a swing of less than 10 points between the high and low of the session.

The Dow Jones industrial average was down 40.39 points, or 0.26 percent, at 15,636.55. The Standard & Poor’s 500 Index was down 3.18 points, or 0.18 percent, at 1,722.34. The Nasdaq Composite Index was up 5.74 points, or 0.15 percent, at 3,789.38.

US stocks retreated slightly on Thursday as investors paused after the Federal Reserve’s decision to keep its stimulus intact sparked a rally that lifted the Dow and S&P 500 to record highs. Declining stocks outnumbered advancing ones on the NYSE by 1,740 to 1,248, while on the Nasdaq, decliners beat advancers 1,364 to 1,136.

The Fed’s decision to keep its asset buying unchanged was partly a reaction to the sharp rise in Treasury yields over recent months, which was proving a headwind for the housing market and the U.S. economy in general.

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