Thursday stocks slip as S&P hits top of trading range

Dow at 10,594 this afternoon.

NEW YORK (AP) — The stock market lost its forward momentum Thursday as investors began to pare their stock holdings following a two-week surge. News of a retrenchment by FedEx Corp. also discouraged buyers.
FedEx, which investors see as a bellwether for the U.S. economy, said it would eliminate 1,700 jobs in an effort to fix its money-losing U.S. trucking business. FedEx also gave an earnings forecast that fell short of expectations.
The Dow Jones industrial average edged down 2 points in afternoon trading. Broader indicators posted slightly larger losses.
Another factor keeping buying on hold is the fact that the S&P 500 Index, the benchmark most used by professional investors, is approaching the high end of its recent trading range. Investors are often hesitant to push a major index outside of recently tested limits for fear that automated selling programs could kick in and send prices lower.
Over the past few days the S&P has approached 1,131, a level it has not touched since June. Market analysts have long paid attention to technical trading levels such as these, but they are especially important now since electronic trading is so prevalent.

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