Blue chips pulled downwards

Profit-taking pulled blue chips lower yesterday on Wall Street in volatile trading as the second quarter of the financial year…

Profit-taking pulled blue chips lower yesterday on Wall Street in volatile trading as the second quarter of the financial year drew to a close.

The Dow Jones Industrial Average fell 45.34 points (0.51 percent) to 8,952.01, with the broader market mixed.

Volume on the New York Stock Exchange was 759 million shares, with 1,720 issues higher, 1,307 lower and 485 unchanged.

On the bond market, the 30year Treasury bond closed higher, with the yield easing to 5.618 percent from 5.64 percent Monday.

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One senior trader said there was a strong two-way pull throughout the day trading curbs on the down side were invoked twice but profit-takers eventually won the day.

In addition, he added there was some caution ahead of the outcome of the ongoing Federal Reserve meeting although most economists expect rates to remain unchanged and tomorrow's June employment report, dealers said.