IST: Gold price hits record high while stocks trend lower
(Source: Tulsa World)Investors put their September stock rally on hold and moved into gold Wednesday.
Gold climbed to a record $1,298.00 an ounce before falling back to $1,292.10 an ounce.
Major stock market indexes have soared this month as economic reports have consistently indicated the economy continues to grow, although slowly. Entering Wednesday, the Dow Jones industrial average had risen 13 of the past 15 days and climbed 7.5 percent so far in September.
"People are saying, 'I've got some profits, let's book 'em,'" said Bob Auer, manager at Auer Growth Fund.
The Dow fell 21.72, or 0.2 percent, to 10,739.31; the Standard & Poor's 500 index fell 5.50, or 0.5 percent, to 1,134.28; and the Nasdaq composite index fell 14.80, or 0.6 percent, to 2,334.55.
