* Profit-taking, Baidu weigh on market
* October consumer confidence data disappoints
* Exxon, Chevron advance after BP's strong results
* Dow up 0.3 pct; S&P 500 off 0.2 pct; Nasdaq off 1.1 pct
* For up-to-the-minute market news, click []
(Updates to mid-afternoon, changes byline)
By Ellis Mnyandu
NEW YORK, Oct 27 (Reuters) - The S&P 500 and the Nasdaq
fell on Tuesday as investors booked profits following the
stock market's recent run-up, while a weaker-than-expected
reading in a measure of consumer confidence sparked caution
about the spending recovery.
Even so, the Dow clung to a modest gain as shares of Exxon
Mobil <XOM.N> and Chevron <CVX.N>, both set to report
quarterly results later this week, rose on the back of BP
Plc's <BP.L><BP.N> strong earnings.
Baidu Inc's <BIDU.O> disappointing outlook added to the
negative tone. The semiconductor index <.SOXX> shed 2.3
percent, while the Nasdaq lost more than 1 percent.
The Chinese Web Search company's stock, down 13 percent at
$376.50, was the top drag on the Nasdaq, behind Apple Inc
<AAPL.O>, down 2.4 percent at $197.71. Baidu forecast a
sequential decline in fourth-quarter revenue when it posted
results late on Monday.
"People want to take some profits. The consumer confidence
numbers weren't great," said Stephen Carl, principal and head
of U.S. equity trading at The Williams Capital Group LP in New
York. "We had a good run with the Dow topping around 10,000
over the last week. Many people feel the market could be
overvalued."
The Dow Jones industrial average <> gained 28.04
points, or 0.28 percent, to 9,896.00. The Standard & Poor's
500 Index <.SPX> slipped 2.23 points, or 0.21 percent, to
1,064.72. The Nasdaq Composite Index <> dropped 23.31
points, or 1.09 percent, to 2,118.54.
The S&P 500 is now up 57 percent from the 12-year closing
low of March 9, having slipped from its recovery peak when it
was up 62.3 percent from that significant low.
The Conference Board's index of consumer confidence fell
to 47.7 in October, weaker than economists had forecast. The
data showed consumers were increasingly concerned about job
market conditions. For details, see []
Both the S&P retail index <.RLX>and the S&P consumer
discretionaries index <.GSPD> dropped 1.4 percent.
Other data showed home prices rose for the fourth-straight
month in August. The Standard & Poor's/Case-Shiller composite
index of home prices in 20 metropolitan areas rose more than
expected in August. []
(Editing by Jan Paschal)
(Ellis.Mnyandu@thomsonreuters.com; +1 646 223 6085; Reuters
Messaging:ellis.mnyandu.reuters.com@reuters.net))
