Wednesday, February 9, 2011

Wall Street falls on profit taking; Dow ekes out gain

Investors took profits after a recent rise in US stocks but a late-hour rally in Bank of America shares helped the Dow squeeze out its eighth straight day of gains.

The Dow Jones industrial average was up 6.74 points, or 0.06 percent, at 12,239.89. The Standard & Poor's 500 Index was down 3.69 points, or 0.28 percent, at 1,320.88. The Nasdaq Composite Index was down 7.98 points, or 0.29 percent, at 2,789.07.

European shares fell, retreating further from 29-month highs hit earlier this week, weighed down by miners on concerns over demand from China, though positive corporate results offered some support.

The FTSEurofirst 300 index of leading European shares closed down 0.4 percent at 1,171.43 points after falling 0.1 percent on Tuesday, though the benchmark is still up 4.4 percent so far this year.

Japan's Nikkei stock average edged lower to come off a nine-month high as profit-taking in bank shares erased earlier gains made on upbeat earnings guidance from Toyota Motor Corp.

The benchmark Nikkei was down 0.2 percent, or 18.15 points, at 10,617.83 after rising as high as 10,701.92, its highest level since May 6.

The broader Topix was flat at 944.02.