Wall Street drops on profit-taking

Wall Street drops on profit-taking


Stocks on Wall Street took a break from the " bull market " ( bull market ) in 2013 , ended lower on Monday ( Tuesday morning ) , when some analysts citing profit-taking and speculation tighter monetary policy .

The Dow Jones Industrial Average fell 77.64 points, or 0.48 percent, to close at 16008.77 , AFP reported .

The broad-based S & P 500 slipped 4.91 points, or 0.27 percent , to end at 1800.90 , while the tech -heavy Nasdaq composite index lost 14.63 points, or 0.36 percent, to 4045.26 .

Bill Lynch , director of investments at Hinsdale Associates , said investors may have increased their expectations about when the Fed could pull back its stimulus program in connection with a strong number of manufacturing activity from the Institute of Supply Management ( ISM ) in November .

Other important data will come later this week , he added .

Purchasing managers' index ( PMI ) for November ISM rose to 57.3 from 56.4 in the previous month , compared to expectations of a slight decline .

" I think there is anxiety reduction in stimulus appears again as the ISM numbers are better than expected , " said Lynch .

Performance of retail stocks started to run , the analysts try to estimate the increase in printing and post- launch losers important holiday shopping season " Black Friday " .

Among the rise printer is Gap increased 1.5 percent and Lululemon Athletica rose 2.4 percent . The decrease recorded by the slumped 1.9 percent target , Urban Outfitters, Macy's fell 3.5 percent and fell 1.5 percent . While the giant retailer Wal - Mart rose 0.1 percent .

EBay rose 1.6 percent after posting an online sale ( online ) over the weekend strong " Black Friday " . Topeka Capital Markets said vendors online sales were up 31

percent through the first three days of an important five-day shopping season , " a positive meaning to share " .

Industry suppliers and equipment 3M , Dow component , fell 4.4 percent after Morgan Stanley downgraded its shares , said he has a high valuation compared with peers .

Dow Chemical rose 2.4 percent after announcing plans to " carve out " a large segment of the business that bermajin low chlorine . Business , which recorded revenues of five billion dollars per year , can be reorganized into a divestiture or joint venture .

U.S. auto giant General Motors jumped 1.0 percent on speculation the strong sales in November . The car manufacturer will release their monthly report on Tuesday .

Bond prices declined . The yield on U.S. government bonds bertemor 10 - year bond rose to 2.80 percent from 2.74 percent on Friday , while the 30 - year bond rose to 3.86 percent from 3.81 percent . Prices and bond yields move inversely .