Stocks fell on Tuesday as financial and technology shares weakened after a recent strong run-up, while energy shares cushioned the blue-chip Dow industrials from the worst of the losses.
Shares in banks continued to slide after posting steady gains from early March. Bank of America Corp
Most rallies that have come out of major bear markets like this one have experienced a pullback, and investors should be on the lookout for at least some profit-taking in the days ahead, said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.
I would advise investors to keep an eye on the recent market leaders, including financials, technology, consumer discretionary, industrials and materials.
The technology-heavy Nasdaq lost ground, with big-cap tech stock Apple Inc
The Dow Jones Industrial Average <.DJI> fell 14.89 points, or 0.18 percent, to 8,403.88. The Standard & Poor's 500 Index <.SPX> dropped 5.19 points, or 0.57 percent, to 904.05. The Nasdaq Composite Index <.IXIC> lost 14.55 points, or 0.84 percent, to 1,716.69.
Energy shares, including Exxon Mobil Corp
Exxon rose 1.1 percent to $70.04, while Chevron added 0.4 percent to $68.31.
Since reaching 12-year closing lows in early March, the Dow Jones industrial average is up 28.44 percent, and the S&P 500 is up 33.7 percent.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)