New York — Wall Street meandered through a lackluster session Thursday, unimpressed by better-than-expected retail sales and a drop in unemployment claims that indicated the economy might be turning around.
The major indexes showed little change in sluggish trading that analysts attributed to profit-taking from last week's big rally. They also said investors are waiting to see more fourth-quarter results before making substantial commitments to stocks.
The Dow Jones industrial average closed down 26.23, or 0.3 percent, at 10,067.86, its fourth straight session to finish lower.
"A lot of people had a really lousy year last year, and they think, 'I've got these really nice gains. Why not go ahead and book some of them?'" said Richard A. Dickson, technical analyst at Hilliard Lyons.
The approach of fourth-quarter earnings reports this month also prompted caution among investors. Unlike last week, when general enthusiasm about a 2002 recovery propelled the market higher, buyers now want more specifics. They hope the reports will give them a better idea of exactly when business will begin to grow, and at what rate.
Wal-Mart rose 60 cents to $57 on news its December sales rose 8 percent in stores open at least a year, more than 2 percent above analyst expectations.
Investors also rewarded retailers that didn't fare as poorly as anticipated. Gap gained $1.83 to $16.35 after reporting an 11 percent drop in December sales at stores open at least a year; analysts had predicted an 18 percent decline.
But the news failed to excite the broader market, which has been pulling back all week.
Technology stocks, among the biggest beneficiaries of the recent advance, sagged for a third session. IBM fell $2.35 to $122.14, while Intel lost 71 cents to $34.65.
Financial stocks fared better. American Express gained 62 cents to $37.77.
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