Stocks End Lower

NEW YORK (AP) – Stocks wilted Wednesday as comments from former Federal Reserve Chairman Alan Greenspan and worries about upcoming economic data deflated a rally fed by takeover news.Stocks initially rose after the market got a fresh load of deal-related news that included a possible bidding battle over aluminum producer Alcan Inc. But the excitement waned after a media report that Greenspan expressed concern about an eventual sharp decline in China’s stock market – which has recently been hitting record highs.Wall Street’s mood also dampened when energy prices failed to ease despite a rebound in U.S. crude and gasoline inventories last week. And with key reports on durable goods and new home sales due for release Thursday and the long Memorial Day weekend looming, investors adopted a defensive stance.Strong merger and acquisition activity has for weeks been the primary force lifting the Dow, which crossed over the 13,000 milestone less than a month ago, so after some worrisome comments from Greenspan, analysts were not surprised to see investors take a breather.“He still carries a lot of clout,” said Steven DeSanctis, small cap strategist with Prudential Equity Group in New York. “You get a data point like that and people start to take profits, get a little nervous.”The Dow Jones industrial average fell 14.30, or 0.11 percent, to 13,525.65, after climbing to an intraday trading record of 13,609.76.Broader stock indicators were also lower. The Standard & Poor’s 500 index fell 1.84, or 0.12 percent, to 1,522.28, still unable to finish above its record close of 1,527.46 set in March 2000.The Nasdaq composite index slipped 10.97, or 0.42 percent, to 2,577.05, after briefly trading above the 2,600 mark for the first time in more than six years.Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.86 percent from 4.83 percent late Tuesday.

Stocks End Lower

Stocks End Lower

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