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Stocks fell on Monday, giving back some of the sharp gains from the previous week, as investors continued to weigh the coronavirus outlook.
The Dow Jones Industrial Average slid 450 points, or 1.9%. The S&P 500 fell 1.6% while the Nasdaq Composite pulled back 0.5%.
Caterpillar was the worst-performing stock in the Dow, falling more than 8%. The stock was pushed lower by a downgrade from a Bank of America analyst. Financials and real estate led the S&P 500 lower, with both sectors trading more than 3.5% lower.
“The market is digesting some very savory returns,” said Sam Stovall, chief investment strategist at CFRA Research. “We were up 25% from trough to the most recent peak.”
“While some people might say we’re at the beginning of a new bull market, I think we have to take a wait-and-see attitude,” Stovall said.
The U.S. stock market had one of its biggest weekly gains ever last week. The Dow posted its seventh-best weekly performance, rallying 12.7%. The S&P 500 had its biggest one-week gain since 1974, jumping 12.1%.
Wall Street’s strong weekly gains came in large part because of an apparent improvement in the U.S. coronavirus outlook along with massive stimulus from the Federal Reserve.
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