US stocks close slightly lower

Investors' enthusiasm for stocks cooled in New York, sending the market slightly lower in an expected pull-back after last week's big rally.

Analysts attributed the lacklustre trading to low volume before the Labor Day holiday and continuing doubts that business will improve soon.

They also speculated some investors were holding off on any big moves until Wednesday, when the government releases data showing the economy's growth rate.

The Dow Jones industrial average closed down 40.82, or 0.4%, at 10,382.35, retreating from a 193-point climb on Friday.

Broader stock indicators were also weak. The Standard & Poor's 500 index was off 5.72 at 1,179.21, while the Nasdaq composite index was off 4.39 at 1,912.41.

Trading was choppy for most of the session, with the major indexes fluctuating between losses and gains.

Technology stocks were mixed as investors consolidated profits from the advance on Friday that sent the Nasdaq up nearly 74 points.

Cisco Systems, which triggered the market's big gains with news its business was stabilising, lost 24 cents to 18.01 dollars. But Intel rose 7 cents to 29.15 dollars, while Microsoft gained 26 cents to 62.31.

Blue chips were also uneven. Philip Morris, a favourite of investors in uncertain times, rose 46 cents to 47.51, while Home Depot fell 95 cents to 48.99.