U.S. stocks retreat as stimulus debated NEW YORK
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U.S. stocks retreat as stimulus debated
NEW YORK (MarketWatch) — U.S. stocks fell Thursday as investors debated potential central-bank moves around the globe and with some strategists saying a pullback is in order given the extended climb.
“We’ve had a good run, so a bit of a reprieve probably makes sense,” Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank, said of Wall Street’s extended run, which has the S&P 500 positioned for its first weekly loss after six straight weeks of gains.
“Historically, the market has a 10% correction every 331 days going back to 1928, with the last one triggered on Aug. 4 of last year. We’re now at 385 days, so we’re getting a little long in the tooth,” Davidson said.
Extending its losses into a fourth session, the Dow Jones Industrial Average (DJI
JIA) fell as many as 98 points, and was lately off 79.25 points, or 0.6%, to 13,093.51.
http://www.marketwatch.com/story/us-stocks-re...2012-08-23
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