Wall Street sheds opening gains on losses in high-growth stocks

NEW YORK, June 27 — Wall Street's main indexes fell after opening higher today, as a rally last week on easing concerns over inflation lost steam, with high-growth stocks leading declines.

However, data today showed new orders for US-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter. After the benchmark S&P 500 index earlier this month recorded a 20% drop from its January closing peak to confirm a bear market, investors have been trying to gauge when the market might hit its bottom.

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