Stock market rally pauses on Monday
Tuesday, May 14, 2013
NEW YORK (AP) — A record-breaking rally in stocks paused Monday as investors assessed whether stock valuations were overstating the recent improvement in the economy.
The latest positive data, out Monday, showed that Americans increased spending at retailers last month. That suggests that consumers may boost economic growth in the current quarter ending June 30. Still, that wasn’t enough to lift shares.
Stocks have surged this year, boosted by an improving economy, Federal Reserve stimulus and record corporate earnings. Signs that the housing market is reviving are also supporting stocks. The Dow Jones industrial average and the Standard and Poor’s 500 index both closed at record highs Friday.
Oil fell 87 cents, or 0.9 percent, to $95.17 a barrel. Gold dropped $2.30, or 0.2 percent, to $1,434.30 an ounce. The U.S. dollar was little changed against the Japanese yen at 101.83 and gained against the euro.
The Dow fell 26.81 points, or 0.2 percent, to 15,091.68. The S&P 500 index was little changed at 1,633.77.
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