(NEW YORK) — U.S. stock averages backed away from historic highs Monday after bearish comments from billionaire investor Carl Icahn. The Dow Jones Industrial Average, for the first time, traded above 16,000 for a good chunk of the day, but in the final hour investors pulled back a bit.
The Dow did finish the session at a new record high, up 14 points to close at 15,975.89. It is the 39th record close of 2013.
The S&P 500 also flirted with a new high, trading above 1,800, but slipped in the final hour of trading to 1,792. The Nasdaq Composite fell more sharply than the other averages. It fell close to 1 percent Monday to 3,949.
One of the main reasons for the dip in the final stretch of trading was word that major market investor Carl Icahn is becoming “very cautious” on stocks.
Copyright 2013 ABC News Radio
Lois M. Collins, Deseret News