By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks were flat on Thursday, pausing after their recent run of record highs, as technology shares dragged and some earnings disappointed.
Shares of Apple
There was also profit-taking in the tech sector, said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York. The technology sector has had a strong run so far this year, gaining more than 30 percent and helping the three major indexes scale record highs. The tech index <.SPLRCT> was down 0.4 percent.
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But the S&P 500 was flat in late afternoon trade, off its lows of the day.
"There's not a strong downside case right now to shake up the narrative and get things into a more defensive frame of mind," said Katrina Lamb, head of investment strategy and research at MV Financial, asset manager and wealth manager in Bethesda, Maryland.
The Dow Jones Industrial Average <.DJI> fell 3.37 points, or 0.01 percent, to 23,154.23, the S&P 500 <.SPX> lost 0.68 points, or 0.03 percent, to 2,560.58 and the Nasdaq Composite <.IXIC> dropped 23.57 points, or 0.36 percent, to 6,600.65.
The day also marked the 30th anniversary of the 1987 Black Monday stock market crash. Most traders see a repeat of the crash as unlikely because of modern trading technology and other changes.
United Airlines
Shares of eBay
Declining issues outnumbered advancing ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.46-to-1 ratio favoured decliners.
(Additional reporting by Sruthi Shankar in Bengaluru; Editing by Nick Zieminski)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)