News Column

Markets Poised for Correction

Feb 11, 2013
Stock Market

U.S. stock indexes were down early Monday, with investors becoming cautious in the midst of a long winning streak.

In midmorning trading, the DJIA gave up 21.29 points or 0.15 percent to 13,971.68. The Nasdaq composite index lost 2.98 points or 0.09 percent to 3,190.89. The Standard & Poor's 500 shed 0.53 points or 0.03 percent to 1,517.40.

The 10-year treasury note fell 3/32 to yield 1.961 percent.

Against the dollar, the euro rose to $1.3412 from Thursday's $1.3372. The dollar rose to 93.42 yen from 92.76 yen.

The Nikkei 225 index in Tokyo was closed Monday.

At the end of Friday trading, the S&P 500 posted gains for the sixth consecutive week, the Dow narrowly missed a continuation of its winning streak and the Nasdaq index was at a 12-year high.

"We're paring the big run that we've had since Election Day," Paul Nolte, managing director at Dearborn Partners told The Wall Street Journal.

"The market needs to take a break," he said. "I think we've got a chance of getting to the old highs this week or next, barring any exogenous European event."

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Source: Copyright United Press International 2013

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