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Wall Street ends mixed as Iran nuclear rejection offsets tech rally

Wall Street ends mixed as Iran nuclear rejection offsets tech rally

Wall Street turned in a mixed performance Thursday as Iran's refusal to suspend uranium enrichment rattled investors, and tempered a tech rally spurred by a strong outlook from chip maker Analog Devices Inc.
Investors were uneasy after a U.N. nuclear chief said Iran did not agree to Security Council demands to suspend its nuclear ambitions. Also hurting stocks was a U.S. government report that showed a larger-than-expected drop in gasoline and heating oil inventories, causing oil prices to bound above $60 a barrel.
This chilled the mood among investors who at first were encouraged by upbeat corporate announcements and a rally in foreign stock markets. Strength among semiconductor stocks drove the Nasdaq composite index higher.
Analog Devices Inc., which gave an optimistic outlook about improving business conditions, lent support to chip stocks. Investors were also encouraged about takeover activity so far this year as Whole Foods Market Inc. said it will buy rival Wild Oats Markets Inc. in a $565 million (euro431.1 million) deal.
"With the lack of real market-moving news traders are taking a look at the Iran thing and the technical breakdowns and we're seeing a little bit of a pause on that," said Jody Giraldo, vice president of equities at vFinance.
According to preliminary calculations, the Dow Jones industrial average fell 52.39, or 0.41 percent, to 12,686.02.
Broader stock indicators were mixed. The Standard & Poor's 500 index was down 1.25, or 0.09 percent, at 1,456.38. The Nasdaq rose 6.52, or 0.26 percent, to 2,524.94; a bit past the half-way mark of its all-time high of 5,048.62 set on March 10, 2000.
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Updated : 2021-10-20 20:52 GMT+08:00