Wall St set for weekly loss as traders cash in
NEW YORK (REUTERS) - United States (US) stocks dipped on Friday, putting the Dow and the S&P 500 on pace for their first negative week in five ahead of a data-packed week and the conclusion of a strong July.
With three trading days left in the month, the Dow and the S&P 500 are set to post their best month since January. The Nasdaq's advance makes July so far the best month in a year and a half.
Seven of the 10 S&P 500 industry sectors declined and 21 of the 30 Dow components were also down.
Mr Drew Nordlicht, managing director and partner at HighTower San Diego in San Diego, pointed to the broad downturn as evidence of profit-taking.