The Dow Jones Industrial Average shed 109 points, or 0.6%, to 16915.
The S&P 500 index fell 12 points, or 0.6%, to 1966, and the Nasdaq Composite Index declined 47 points, or 1.1%, to 4404.
Traders said that volumes were muted even as stocks tumbled, and cited no single catalyst for the selling. After the broad stock-market rally, and ahead of the release of earnings reports, many investors were reluctant to commit more money to the market, traders said.
Jarred Kessler, global head of equities at Cantor Fitzgerald, said that he saw small orders to sell rather than chunks of stocks for sale from large clients, which would indicate higher conviction in further declines. Rather, he said that many investors appeared to be in a holding pattern.
“Every time there’s a move down, the market bounces back up,” Mr. Kessler said. “No one is fearful of anything.” ….”
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