NEW YORK: Stocks ended a chaotic second quarter with a modest decline Friday, June 30th, as money managers locked in gains from Thursday's big rally while doing some last-minute adjustments.

Analysts ascribed the sell-off to end-of-quarter "window dressing" by managers preparing quarterly reports and the annual reconstitution of the Russell 3000 index, where some stocks were added to the index while others were dropped. "This was nothing attributed to market conditions," said Ryan Larson, senior equity trader at Voyageur Asset Management.

The Dow Jones industrial average closed down 40.58, or 0.36%, to 11,150.22. On Thursday June 9th, the Dow climbed 217.24, its biggest single-day jump since March 21, 2003, when it added 235.37.

Broader stock indicators also dropped. The Standard & Poor's 500 index fell 2.67, or 0.21%, to 1,270.20, after Thursday's gain of 26.87, its largest point gain since March 17, 2003.

The NASDAQ composite index plummeted 2.29, or 0.11%, to 2,172.09 after rising 62.54, its steepest point gain since July 27, 2002.

Markets regained strength Thursday after the Federal Reserve raised rates by a quarter of a percent and seemingly adjusted its interest rate policy statement. But the Fed has still promised to keep a close eye on economic data.