US stocks mostly lower as market pauses after Fed rally

NEW YORK (AFP) - US stocks on Thursday closed mostly lower a day after a record-setting surge spurred by the Federal Reserve easing stimulus.

At the closing bell, the Dow Jones Industrial Average edged up 9.50 points (0.06 per cent) to 16,177.47, a new record.

The broad-based S&P 500 slipped 1.15 (0.06 per cent) to 1,809.50, while the tech-rich Nasdaq Composite Index fell 11.93 (0.29 per cent) to 4,058.13.

Mace Blicksilver, director of Marblehead Asset Management, said stocks sometimes retreat by much greater margins the day after a big rally. On Wednesday, the Dow rose nearly 2 per cent.

"The market did pretty well," Mr Blicksilver said.

"I don't know that there are any more gains for this year," Mr Blicksilver said. "But if they could park this market sideways between now and December 31st, I think everyone would be ecstatic."