Stock market drifts lower to start week
NEW YORK -- U.S. stocks drifted lower in thin trading Monday, pulling the Standard & Poor's 500 index back from a five-year high.
The broad-market index edged up slightly last week, enough to put it at its highest level since November 2007. With little in the way of market-moving news Monday, the S&P 500 slipped 0.92 of a point to close at 1,517.01.
Seven of the 10 industry groups within the S&P 500 dropped.
Now, with major indexes near record highs, many think the stock market's six-week rally is ready for a pause.
"The consensus seems to be that we're due for a correction," says Brian Gendreau, market strategist at Cetera Financial Group. "If you compound the increase we've had so far, this year would be the best year ever for stocks. And nobody thinks that that's going to happen."
The best year ever for stocks? For the S&P 500 index it was 1933, when the index rebounded 46 percent in the middle of the Great Depression.
In other trading Monday, the Dow Jones industrial average dropped 21.73 points to 13,971.24. UnitedHealth Group led the Dow lower, losing 62 cents to $57.12.
The Nasdaq composite fell 1.87 points to 3,192.00.