Close Dow -46.51 at 10539.72, S&P -4.23 at 1218.59, Nasdaq -6.17 at 2172.07: Stocks closed lower across the board, as widespread profit-taking following four consecutive days of market gains was exacerbated by a warning from Toll Brothers (TOL 34.14 -5.27) that raised concerns about a possible end to the housing boom. Perhaps placing even more emphasis on TOL's disappointing FY06 guidance, which weighed heavily on everything from homebuilding and home improvement to construction materials and household appliances, was the absence of noteworthy economic data. To wit, Consumer Discretionary, which Briefing.com has had an Underweight rating on since April 2004, took the biggest hit. Despite a nine basis-point drop in the benchmark 10-yr note's yield, which benefited from strong anticipation for today's 3-yr note auction, the Financial sector went on the defensive. Freddie Mac's (FRE 60.72 -0.52) revised $220 mln profit reduction for the first half of 2005 coupled with consolidation in brokerage, bank and insurance stocks acted as the biggest restraining factors. Technology also languished as failed rebounds in the semiconductor and software groups left the sector struggling to remain break even for the year. On a positive note, Energy managed to recover some of Monday's 1.6% sell-off, taking advantage of strong Q3 earnings from Transocean (RIG 59.94 +1.22), one of Briefing.com's suggested holdings, and a rebound in oil prices. However, as one of only two sectors to close higher, an overall bearish sentiment echoed early concerns that the outlook for earnings growth may already be reflected in stock prices at current levels.DJTA -0.5, DJUA -0.2, DOT -0.2, Nasdaq 100 -0.1, Russell 2000 -0.8, SOX -0.2, S&P Midcap 400 -0.7, XOI +0.8, NYSE Adv/Dec 1247/2011, Nasdaq Adv/Dec 1157/1861
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