Wall Street pulls back today

Wall Street pulled back today as investors cashed in profits from the market’s recent rally while they await second-quarter earnings reports.

Fears of a potentially unfavourable legal ruling against Altria Group also weighed on shares.

“It’s an earnings game from here on out,” said Mike Kayes, chief investment officer at Eastover Capital in Charlotte, North Carolina.

“We’ll be in for some choppy days until we have a clear direction on what earnings might look like.”

The Dow Jones industrial average closed down 66.88, or 0.7%, at 9,156.21, following a two-day gain of 152 points.

The broader market finished mixed. The Nasdaq composite index inched up 1.06, or 0.1%, to 1,747.52, having advanced 83 points so far this week to reach its highest level in nearly 15 months.

The Standard & Poor’s 500 index declined 5.62, or 0.6%, to 1,002.22, following a two-day gain of 22 points.