Stocks Retreat After Last Week’s Rally
(NEW YORK) -- The U.S. markets were somewhat subdued Monday, following last week's advancements.
After the Federal Reserve's controversial announcement of its plans to boost the economy, stocks on Monday were coming off of a rally last week that sent the averages to their highest levels in nearly five years. Many believe central banks in Europe and Asia will follow the Fed's lead with new measures to encourage borrowing and spending.
For now, investors are pulling back. The Dow lost 40 points Monday to close at 13,553. The Nasdaq Composite closed off five points, while the S&P closed down 4.5 points.
Shares of Apple touched $700 a share Monday. AT&T says it set a sales record for the iPhone 5, with customers ordering more of them than any previous iPhone model on the first day of pre-orders. Over 2 million sold in the first 24 hours. The phone will be available at its stores starting on Friday.
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