Stocks drop despite Wall Street optimism
Wall Street stepped back Thursday, taking profits from the stellar gains that followed the Federal Reserve’s unexpected interest rate cut. Investors retreated from blue chips and also refrained from making new commitments to high-tech issues.
Some pullback was expected after the Fed’s surprise half-point rate cut.
“Investors awoke today to realize the reason the Fed lowered rates the way they did (Wednesday) is because the economy is fairly soft,” said Charles G. Crane, strategist for Spears, Benzak, Salomon & Farrell in New York. “As exciting as it was to have rates cut, that is not going to prop up profits in the immediate future.”
The Dow Jones industrial average lost 33.34 to close at 10,912.41 after rising 299.60, or 2.8 percent, Wednesday. The Nasdaq composite index fell 49.86 to 2,566.83 after posting its biggest one-day point and percentage gains ever Wednesday, jumping 324.83, or 14.2 percent.
Advancing issues narrowly outnumbered decliners 13 to 12 on the NYSE, where volume was 2.09 billion, higher than the 1.86 billion at the same hour Wednesday.
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