Dow dips

US stocks ended a turbulent second quarter with a moderate decline today as money managers, doing last-minute adjustments, locked in gains from Thursday’s big rally.

Analysts attributed the selloff to end-of-quarter “window dressing” by managers preparing quarterly reports and the annual reconstitution of the Russell 3000 index, in which some stocks were added to the index while others were dropped.

“This was nothing attributed to market conditions,” said Ryan Larson, senior equity trader at Voyageur Asset Management.

The Dow fell 40.58, or 0.36, to 11,150.22. On Thursday, the Dow surged 217.24, its biggest single-day jump since March 21, 2003, when it added 235.37.

Broader stock indicators also fell. The Standard & Poor’s 500 index dropped 2.67, or 0.21%, to 1,270.20, after Thursday’s gain of 26.87, its largest point gain since March 17, 2003.

The Nasdaq composite index fell 2.29, or 0.11%, to 2,172.09 after rising 62.54, its largest point gain since July 27, 2002.