US stocks move lower a day after big jump

NEW YORK — U.S. stocks moved lower in afternoon trading today, as traders seized on the final day of the quarter to do some profit-taking. Industrial and health care stocks were among the biggest decliners.

Oil prices extended their slide. Investors weighed positive economic data on housing and consumers with concerns over the possibility of a deeper slide in oil prices.

The Dow Jones industrial average fell 97 points, or 0.5 percent, to 17,878 as of 1:12 p.m. Eastern. The Standard & Poor's 500 index lost eight points, or 0.4 percent, to 2,078. The Nasdaq composite shed 19 points, or 0.4 percent, to 4,927.

After a big jump in indexes Monday, many investors were opting to take some profits out of the market, said Paul Christopher, head of international strategy at the Wells Fargo Investment Institute.

"There's also rising concern about oil prices, especially as the U.S. gets closer to a deal with Iran, there's some speculation that Iran will be able to release a lot of oil into the world," he said. That could stoke fears of deflation, which can hurt corporate profits, Christopher said.