Wall Street Dips On Profit-Taking After Quarterly Earnings Push Stocks To Record Highs

NEW YORK (UrduPoint News / Sputnik - 28th October, 2021) Wall Street fell on profit-taking Wednesday after strong third quarter earnings for US companies drove most stocks to record highs.

Two of the three major US equity indices � the Dow Jones Industrial Average, the S&P 500 � settled down. The third � the Nasdaq Composite � finished flat.

"Stock markets are paring gains," Craig Erlam, analyst at online trading platform OANDA, said. "Investors are clearly still impressed with what they're seeing from earnings season and that has offset nerves coming into the period around the near-term risks to growth.

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The Dow, a blue-chip index which groups mostly industrial stocks, closed down 266 points, or 0.7%, at 35,491. It hit a record high of 35,893 on Tuesday.

The S&P 500, which consists of the top 500 US stocks, settled down 23 points, or 0.5%, at 4,551. It hit an all-time high of 4,598 in the previous session.

The Nasdaq Composite Index, which lists the marquee Names in Big Tech, finished virtually unchanged at 15,235 after a peak on Monday at 15,384.