U.S.
stocks retreated after the Nasdaq Composite Index closed above 5,000
for the first time in 15 years, as auto and health-care companies slid.
Ford
Motor Co. slipped 2.6 percent after a drop in February light-vehicle
sales. Health-care companies in the Standard & Poor’s 500 Index lost
1.2 percent, led by biotechnology stocks. Alibaba Group Holding Ltd.
fell to the lowest since it began trading in September.
The
S&P 500 declined 0.8 percent to 2,100.70 at 12:09 p.m. in New York,
and the Dow Jones Industrial Average lost 131.75 points, or 0.7
percent, to 18,156.88. Both gauges closed at records Monday. The Nasdaq
Composite fell 0.9 percent. Trading in S&P 500 companies was 14
percent below the 30-day average.
The
Nasdaq Composite is 1.6 percent from a record reached in 2000. It has
taken two bull markets and more than 4,500 days for the Nasdaq to get
close to making up all the ground lost in the dot-com collapse. The
index surged 7.1 percent in February, its best month since 2012.
The
S&P 500 rose to fresh records four times in February, while the Dow
average climbed 5.6 percent for its best month since January 2013. The
index also topped its record from December for the first time in 2015.
Source: Bloomberg
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