Wall St slips on last day of strong Sept

NEW YORK – US stocks dipped on Friday as money managers locked in profits on the last trading day of a strong September, while concerns surfaced about the strength of profits during a turbulent third quarter.

Shares of technology, energy and material companies fell as investors took profits on the best-performing sectors for September, traditionally one of the weakest months for stocks. This past September brought the biggest gains since 1998.Stocks have climbed back from steep losses in late July and August, with the Standard & Poor’s 500 Index within about two per cent of its all-time high.But the end of the third quarter also stirred anxiety about corporate earnings during the late summer, when several credit markets seized up and the housing slump deepened.”People are probably going to pull a little off the table, given how strong of a month it was.If you look at the names trading off today, a lot of them are ones that have had strong runs,” said Owen Fitzpatrick, head of the US Equity Group at Deutsche Bank Private Wealth Management, in New York.”We’re also transitioning into the earnings season shortly.There is a general concern the weakening economy could mean results come in a little weaker than expected, although we’re thinking that we’ll once again come in above expectations.”The third-quarter profit reporting period kicks in during the second week of October.For the month, the Dow rose four per cent, the Standard & Poor’s 500 index gained 3,6 per cent and the Nasdaq gained 4,1 per cent.It was the best September for the S&P 500 since 1998.The market was buoyed this month by the Federal Reserve’s first cut in the fed funds rate target – the central bank’s main tool for influencing the US economy – since June 2003.The Fed’s decision followed weeks of turbulence stemming from the liquidity squeeze and concerns about the health of the US economy.Nampa-ReutersThis past September brought the biggest gains since 1998.Stocks have climbed back from steep losses in late July and August, with the Standard & Poor’s 500 Index within about two per cent of its all-time high.But the end of the third quarter also stirred anxiety about corporate earnings during the late summer, when several credit markets seized up and the housing slump deepened.”People are probably going to pull a little off the table, given how strong of a month it was.If you look at the names trading off today, a lot of them are ones that have had strong runs,” said Owen Fitzpatrick, head of the US Equity Group at Deutsche Bank Private Wealth Management, in New York.”We’re also transitioning into the earnings season shortly.There is a general concern the weakening economy could mean results come in a little weaker than expected, although we’re thinking that we’ll once again come in above expectations.”The third-quarter profit reporting period kicks in during the second week of October.For the month, the Dow rose four per cent, the Standard & Poor’s 500 index gained 3,6 per cent and the Nasdaq gained 4,1 per cent.It was the best September for the S&P 500 since 1998.The market was buoyed this month by the Federal Reserve’s first cut in the fed funds rate target – the central bank’s main tool for influencing the US economy – since June 2003.The Fed’s decision followed weeks of turbulence stemming from the liquidity squeeze and concerns about the health of the US economy.Nampa-Reuters