Worries about Europe gave stocks agita Monday for the first time in months, and it may be the excuse to take profits from the new year rally.
The Dow saw its worst decline since late December, falling 129 points, or 0.9 percent to 13,880, while the S&P 500 slipped more than 1 percent to 1495. The Dow is up nearly 6 percent year-to-date, and the S&P is up about 5 percent. The Nasdaq, dragged down by tech, lost 1.5 percent Monday to 3131, and is now up 4 percent for the year.
“I think we’re due for a modest say, five percent pullback in the market,” said Jeff Kleintop, chief investment strategist with LPL Financial. “Whether we’ve seen the start of that today ,with a one percent move, or whether we bounce back and it is yet to come…February is a good month for it to happen.”
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