{"id":18179,"date":"2013-02-04T10:15:39","date_gmt":"2013-02-04T15:15:39","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=18179"},"modified":"2013-02-04T10:15:39","modified_gmt":"2013-02-04T15:15:39","slug":"stocks-fall-after-dows-rally-to-14000","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2013\/02\/stocks-fall-after-dows-rally-to-14000\/","title":{"rendered":"Stocks fall after Dow's rally to 14,000"},"content":{"rendered":"

U.S. stocks backed off their breathless rally Monday, falling sharply in the first trading session after major indexes soared to post-financial crisis highs.<\/p>\n

The Dow Jones industrial average fell as much as 116 points in the first half-hour of trading. It was down 88 points at 13,921 as of 9:55 a.m. Eastern time.<\/p>\n

The Standard & Poor's 500 index dropped eight points to 1,505. The Nasdaq composite index fell 10 to 3,168.<\/p>\n

The declines followed a surge Friday that pushed the Dow over 14,000 for the first time since 2007, before the financial meltdown that routed world markets.<\/p>\n

Friday was only the tenth time in its history that the Dow closed above 14,000. The first was in July 2007; the rest were in October of that year. The index closed Friday just 155 points shy of its record high, set that October.<\/p>\n

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The rally was powered by strong economic data, including a January jobs report that showed the labor is market strengthening gradually. The Institute for Supply Management reported a big jump in its index of manufacturing activity.<\/p>\n

The Dow is up more than 6 percent this year. Yet Wall Street's celebratory mood was a distant memory by Monday, as U.S. stocks followed European markets lower. France's CAC-40 was down 1.6 percent, Germany's DAX 1.5 percent.<\/p>\n

In New York, energy and health care stocks led the declines. Merck & Co. was the Dow's biggest loser, dropping 74 cents, or 1.8 percent, to $41.09. The pharmaceutical company said Friday that its earnings declined in the fourth quarter and 2013 might be weaker than analysts had hoped.<\/p>\n

Corporate earnings reports continue this week. Health insurer Humana leapt $3.35, or 4.5 percent, to $78.70 after its earnings beat Wall Street's forecasts.<\/p>\n

In Europe, political jitters about Spain and Italy pushed stocks lower. Some indexes were having their worst day in months.<\/p>\n

Concerns over Europe's debt crisis have been eased since last summer, in part because of efforts by the Spanish and Italian governments to get their finances under control.<\/p>\n

An upcoming election in Italy places some of those reforms in doubt. The Spanish government, meanwhile, is embroiled in a corruption scandal that's raising questions over the future of Prime Minister Mariano Rajoy.<\/p>\n

The euro was trading 0.5 percent lower at $1.3571. The yield on the 10-year Treasury note fell to 1.99 percent from 2.05 percent earlier Monday as demand for ultra-safe assets increased.<\/p>\n

Oil prices drifted lower. Crude fell $1.19 to $96.58 a barrel in New York.<\/p>\n

By DANIEL WAGNER
\nAP Business Writer<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. stocks backed off their breathless rally Monday, falling sharply in the first trading session after major indexes soared to post-financial crisis highs. The Dow Jones industrial average fell as much as 116 points in the first half-hour of trading. It was down 88 points at 13,921 as of 9:55 a.m. Eastern time. The Standard […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[3717],"class_list":["post-18179","post","type-post","status-publish","format-standard","hentry","category-general","tag-market-news"],"yoast_head":"\nStocks fall after Dow's rally to 14,000 - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2013\/02\/stocks-fall-after-dows-rally-to-14000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stocks fall after Dow's rally to 14,000 - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"U.S. stocks backed off their breathless rally Monday, falling sharply in the first trading session after major indexes soared to post-financial crisis highs. 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