Stocks on Wall Street ended mostly lower on Tuesday (Wednesday morning GMT ) , as analysts pointed to the need to absorb rising market after posting a record in recent weeks .
The Dow Jones Industrial Average fell 20.90 points ( 0.13 percent ) to close at 15618.22 , da AFP reported Xinhua .
The broad-based S & P 500 slipped 4.96 points ( 0.28 percent ) to finish at 1762.97 , while the tech -heavy Nasdaq composite index edged up 3.27 points ( 0.08 percent) to 3939.86 .
The market opened lower after the European Union cut its growth forecast for the eurozone in 2014 . Index after the rally , but the gains were not enough to pull two of the three major indexes into positive territory .
Art Hogan , chief product strategist for equity research at Lazard Capital Markets , said the sale could be expected because the equity has increased substantially in recent weeks .
" We had some wind behind us here , but we also have a market that works in a way that is quite high in a short time , " says Hogan .
The main stock index pared losses earlier after opening lower , following the release of non-manufacturing data .
U.S. economic activity in the non - manufacturing sector grew in October for the 46th consecutive month , the Institute for Supply Management said on Tuesday . Non - manufacturing index registered 55.4 in October , higher than the 54.4 September .
In addition , investors appear wary of placing big bets ahead of two major economic data due out later this week . Commerce Department will release gross domestic product figures third quarter on Thursday ( 7/11 ) , followed by payroll data (payroll ) October non - farm by the Labor Department on Friday ( 8/11 ) .
Investors will be watching the data closely for clues to future plans depana the Fed's quantitative easing program .
Last week , the U.S. central bank decided to maintain a loose monetary policy unchanged to support economic growth and job creation . Fed officials agreed to wait for more evidence that the economic upturn will be sustained before making any adjustments .
Investors also oversees the social media company Twitter , which is expected to determine the price of initial public offering ( IPO ) on Wednesday and begin trading Thursday on the New York Stock Exchange . Twitter's most anticipated debut by investors since the Facebook IPO in 2012 .
Car rental company Hertz Global Holdings slumped 10.5 percent on worries over higher fleet costs , which Morgan Stanley said its earnings outlook cloudy in 2014 .
Retail pharmacy giant CVS Caremark rose 2.0 percent after its earnings of 1.09 dollars per share beat estimates by seven cents . The company also increased its full-year profit forecast because of strong sales of the range of 3.90 to 3.96 dollars per share to 3.98 to 4.01 dollars per share .
Michael Kors luxury fashion company jumped 5.8 percent after its earnings exceeded expectations three cents to 71 cents per share as sales jumped . Sales of its stores in North America rose 21 percent .
Canadian energy company Encana rose 2.8 percent after the company announced a new strategy that emphasizes the development of the oil on the cost of natural gas , cut 20 percent of its staff , releasing some assets and maintain a lower dividend .
Fertilizer company CF Industries fell 3.7 percent after its earnings fell 42 percent to 234.1 million U.S. dollars due to difficult conditions in the industry amid high supply . However , the company pointed to " good demand prospects and favorable price dynamics " for the nitrogen market in 2014 .
Bond prices fall . The yield on 10 - year government bonds surged to 2.66 percent from 2.60 percent on Monday , while the 30 - year bond rose to 3.76 percent from 3.69 percent . Prices and bond yields move inversely . ( Ant )
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