Wall Street fluctuated near record highs overnight as a decline in financial shares amid concern about the prospect of additional fines from a foreign exchange manipulation probe offset optimism that the US economic recovery is progressing well.
In afternoon trading in New York, the Dow Jones Industrial Average edged 0.04 per cent lower, while the Standard & Poor's 500 Index fell 0.12 per cent. The Nasdaq Composite Index rose 0.11 per cent. Both the Dow and the S&P 500 closed at record highs on Tuesday.
"This is a pause," Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh, told Reuters. "There hasn't been any horrible news pressing down the market."
In the Dow, declines in shares of JPMorgan Chase and those of Goldman Sachs, down 1.5 per cent and 1 per cent respectively, offset gains in shares of Nike and those of AT&T, up 0.9 per cent and 0.7 per cent respectively.
JPMorgan Chase and other financial shares retreated after global regulators fined six banks, including JPMorgan Chase, Citigroup and Bank of America, US$3.4 billion as part of an investigation into manipulation of foreign exchange markets.