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NEW YORK — Wall Street stepped back Thursday, taking profits from the stellar gains that followed the Federal Reserve’s unexpected interest rate cut. Investors retreated from blue chips and also refrained from making new commitments to high-tech issues. 

Some pullback was expected after the Fed’s surprise half-point rate cut. 

“Investors awoke today to realize the reason the Fed lowered rates the way they did yesterday is because the economy is fairly soft,” said Charles G. Crane, strategist for Spears, Benzak, Salomon & Farrell in New York. “As exciting as it was to have rates cut, that is not going to prop up profits in the immediate future.” 

Trading was the heaviest ever on the New York Stock Exchange, where volume surpassed 2 billion for the first time. 

Most analysts agreed that Wednesday’s euphoric rally can’t be sustained yet. Investors still must face more signs that the economy is slowing and warnings that first-quarter profits will miss expectations. That was evident with software maker Inktomi, which tumbled $4.63 to $13.88 after it lowered its first-quarter forecasts. The company, which makes network software for delivering Web content, also said fourth-quarter earnings and sales fell short because customers canceled orders. 

But some technology companies built on Wednesday’s sharp gains. Hewlett-Packard gained 56 cents, finishing at $34.63, and Microsoft advanced 50 cents to $48.44. 

Given the cheaper prices in the long-battered tech sector, one market observer said he expected investors to do more buying Thursday. 

“If there is one surprise, it’s that tech stocks aren’t up more than they are,” said Dick Dickson, technical analyst for Scott & Stringfellow Inc. in Richmond, Va. But, “you have a back-and-forth between those who are bottom fishing and the get-me-out-even crowd.” 

But Dickson noted that it was blue chips, not high-techs, that caused the bulk of the losses in the S&P 500, considered the best indicator of the overall market. With Wall Street taking on a healthier tone in Wednesday’s rally, investors were not as attracted by blue chips that are seen as safe havens during times of market volatility. 

S&P component American International Group fell $6.94 to $89 in trading Thursday. Drug issues also hurt the index with Pfizer losing $1.81 at $41.75, and Merck dropping $4.13 to $85. 

Retailing issues rose significantly, despite many companies’ reports that holiday sales slumped. 

“The assumption is that the consumer is going to be an immediate beneficiary of lower rates and will have more disposable income and that is going to help those stocks,” said Barry Berman, head trader for Robert W. Baird & Co. in Milwaukee. 

Abercrombie & Fitch climbed $2.50 to $22.75, although the trendy clothing retailer said December sales dropped 11 percent from last year. Sears was up 40 cents at $36.43, despite announcing that December sales fell 1.1 percent and that it is closing 89 underperforming store. 

A prolonged turnaround in consumer confidence, the economy and corporate earnings will require more than one rate cut by the Fed, analysts said. The Fed likely will be looking for more signs — like the government’s employment report due out Friday — that the economy is weakening before making any further moves. 

Analysts expect the Labor Department to report unemployment rose slightly in December from 4 percent in November. The department reported Thursday that initial applications for unemployment benefits rose by 16,000 to a seasonally adjusted 375,000 for the week ending Dec. 30, the highest level since July 4, 1998. 

Advancing issues narrowly outnumbered decliners 13 to 12 on the NYSE, where consolidated volume — including trades on other exchanges — was 2.48 billion, higher than the 2.2 billion on Wednesday. 

The Russell 2000 index, which measures the performance of smaller company stocks, ended down 7.18 at 477.20. 

Overseas markets were mixed. Japan’s Nikkei stock average closed down 0.7 percent, and Germany’s DAX index slipped 0.9 percent. Britain’s FT-SE 100 gained 2.4 percent, and France’s CAC-40 advanced 2.3 percent. 

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