WALL STREET stocks moved lower yesterday in relatively calm trading, dropping from early gains as investors took some profits on the market's turbulent rebound over the past week.
The Dow Jones average of industrial stocks, which cracked the 5,700 mark for the first time early in the session, lost 14.09 points to close at 5,669.51.
On Monday, the barometer of 30 big name companies soared nearly 100 points to a record close of 5,683.60, erasing all the remaining damage from its sudden 171 point slide less than two weeks ago.
Broader market indicators also fell yesterday as a strong report on housing construction hardened doubts about new interest rate cuts by the Federal Reserve.
The Commerce Department reported that the building of new homes and flats rose 3% in February to the highest level in 14 months as builders hoped for a rush of buyers wanting to beat rising mortgage rates.
