29 Jul 2009

Wall Street mixed as buyers limit profit taking

10:49 am on 29 July 2009

US stocks finished narrowly mixed on Tuesday as the market's strong momentum from a hefty two-week rally helped overcome an early wave of profit taking.

Markets reacted to a weaker-than-expected survey on consumer confidence that was offset in part by positive news from the housing sector and generally strong corporate news.

Stocks in the healthcare sector led the market's afternoon rebound, with biotech shares up a day after Amgen's strong quarterly earnings report.

The Dow Jones industrial average shed 11.79 points, or 0.13%, to 9,096.72. The Standard & Poor's 500 Index dropped 2.56 points, or 0.26%, to 979.62.

But the Nasdaq Composite Index gained 7.62 points, or 0.39%, to 1,975.51.