Stocks Clip Recent Rallies, Close Lower
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Hemera/Thinkstock(NEW YORK) — Investors on Monday took a timeout from the bull market. Declining stocks in the same top-performing sectors pulled the markets down.
The Dow Jones Industrial Average lost 19.12 points, or 0.1 percent, closing at 15,335.28 Monday. The Nasdaq Composite closed off two points, or 0.1 percent, at 3,496.43. The S&P 500 fell 1.18 points, or 0.1 percent, to 1,666.29.
The major markets rallied over the last week with help from strong corporate earnings, with the Dow climbing 1.6 percent, and the Nasdaq and S&P adding 1.8 percent and 2.1 percent, respectively.
As for this week, investors are likely cautious ahead of Federal Reserve Chairman Ben Bernanke’s testimony to Congress on Wednesday. They’ll be looking for signs that the Fed’s easy monetary policy may be ending — a factor that’s been driving stock indeces to record highs.
Meanwhile, Yahoo! shares advanced following reports that the company is buying the popular blogging site, Tumblr, for $1.1 billion. The move is intended to attract more advertising and younger users for the internet company.
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