US indices end lower as profit booking drag indices down from record highs

US stocks saw a dramatic reversal to finish lower on Thursday,
with the Dow first sitting at record highs on a gain of over 100
points before plunging to a loss of over 100 points, with traders
citing profit-taking in technology shares as the main culprit.

Stocks rose in early trading and bond prices fell Thursday after
Wal-Mart Stores Inc. raised its profit forecast and stock markets
overseas put up sizable gains. Stock futures, which had been
higher all morning after strength in Asian and European markets,
received a boost after investors began receiving upbeat corporate
data as well as economic figures showing a rise in import prices
and a decline in weekly unemployment claims.

In the first hour of trading, the Dow Jones industrial average
rose 87.95, or 0.62%, to 14,166.64, moving past the record close
of 14,164.53 set on Tuesday and reaching a new trading high of
14,168.03. Broader stock indicators also rose. The Standard &
Poor's 500 index rose 9.54, or 0.61 percent, to a new trading
high of 1,572.01; it also surpassed the record close of 1,565.15
it had on Tuesday. The Nasdaq composite index rose 14.41, or 0.51
percent, to 2,826.02.

Bonds fell sharply following the economic data, with the yield on
the benchmark 10-year Treasury note rising to 4.70% from 4.65%
late Wednesday. The dollar was mixed against other major
currencies, while gold prices rose. Light, sweet crude rose 92
cents to $ 82.22 in premarket electronic trading on the New York
Mercantile Exchange.