U.S. stocks fell as General Electric Co. retreated from a six-year high, leading industrial companies lower while investors awaited this week’s corporate earnings reports.
The Standard & Poor’s 500 Index declined 0.4 percent to 2,092.57 at 4 p.m. in New York. The Nasdaq Composite Index slipped 0.2 percent, erasing an earlier gain that took it above 5,000 for the first time in three weeks.
The Nasdaq Composite climbed earlier Monday to within 25 points of its record. Last month the index closed above 5,000 three times, its first forays past that level since March 2000. It stalled within seven points of its dot-com-era record on March 20, before dropping 2.5 percent to the end of the month. It has rebounded about 2 percent in April after posting its ninth consecutive quarterly gain, its longest streak ever.
The Dow traded Friday within 1.3 percent of a record hit in March, while the S&P 500 pulled within 1 percent of its record. With valuations near their highest level in more than five years, investors are looking to corporate profits for further clues on the strength of the U.S. bull market that hasn’t seen a 10 percent correction since 2011.
Source : Bloomberg