Stocks retreat from 2-day rally

Posted Feb. 3, 2010 at 3:09 p.m.

Associated Press | The stock market retreated from a two-day rally as growth in the nation’s service businesses fell short of expectations.The Dow Jones industrial average is down 27 at 10,270 after a two-day gain of 230 points. The Standard & Poor’s 500 index is down 6 at 1,100. The Nasdaq composite index is up 1 at 2,191.

The Institute for Supply Management says Wednesday that its index of service activity rose to 50.5 in January from a revised 49.8 in December. The January reading was below analysts’ forecast.

A disappointing outlook from drug maker Pfizer dragged health care stocks lower.

Three stocks fell for every two that rose on the New York Stock Exchange. Volume totaled 1.1 billion shares, compared with 1.2 billion Tuesday.

 

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