Close Dow -114.27 at 9179.53, Nasdaq -28.49 at 1648.65, S&P -15.39 at 994.70: [BRIEFING.COM] The stock market started the session modestly higher, but a rush of selling activity wiped out the indices' gains for the day - as well as week... As a result, the S&P 500 finished below the key 1,000 mark in a foretelling sign that the market's recent upside momentum has cooled... Traders have engaged in increasing levels of profit-taking and have kept the major indices range-bound over the past two weeks in light of the onset of the June quarter warnings season, and concerns surrounding the heightened prices of stocks... To that end, a number of influential names were downgraded for valuation reasons... Schering-Plough (SGP 19.72 -0.75) was downgraded by Morgan Stanley to Equal-weight from Overweight, and Morgan Stanley (MWD 43.88 -3.01) was downgraded by JP Morgan to Underweight from Neutral... Consequently, the drug and brokerage sectors exhibited weakness in the early action, and their influential leadership to the downside incited a broad-based market pullback... Technology, transportation, retail, and biotech all reversed course and sent the indices to progressively lower levels... Not surprisingly, the equity market was not able to capitalize off a batch of generally reassuring economic reports due to the market's preoccupation with valuation concerns... Jobless claims for the week of June 13 dropped 13K to 421K (consensus of 425K) and represented the second week of improvement for the still weak labor market... May Leading Indicators rose to 1.0% (consensus of 0.7%) for their strongest gain since December of 2001 as the money supply rose and stock prices jumped... Finally, the June Philadelphia Fed Index increased to 4.0 (consensus of 4.1) from -4.8 ... However, not all market participants took comfort from the improvement as many had expected a stronger gain following Monday's surge in the Empire State Index... Additionally, the key new orders and shipments portions of the Philly Index remained negative, and the prices and employment components registered declines... NYSE Adv/Dec 1100/2177... Nasdaq Adv/Dec 1079/2065.
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