US stocks fall on profit-taking, taper talk
In Nov. 22, 2013, file photo, traders work on the floor of the New York Stock Exchange. US stocks Monday, Dec. 2, 2013, took a breather from the bull market of 2013, pushing lower as some analysts cited profit-taking and speculation of tighter monetary policy. AP PHOTO/RICHARD DREW
NEW YORK—US stocks Monday took a breather from the bull market of 2013, pushing lower as some analysts cited profit-taking and speculation of tighter monetary policy.
At the closing bell, the Dow Jones Industrial Average fell 79.31 (0.49 percent) to 16,007.10.
The broad-based S&P 500 dipped 4.96 (0.27 percent) to 1,800.85, while the tech-rich Nasdaq Composite Index lost 14.62 (0.36 percent) at 4,0454.26.
Bill Lynch, director of investments at Hinsdale Associates, said investors may have pushed up their expectations for when the Fed could scale back the program in light of a strong Institute of Supply Management reading on manufacturing activity in November.
More key data will come later this week, he added.
The ISM purchasing managers index for November rose to 57.3 from 56.4 the previous month, against expectations of a slight fall.
“I think there’s taper jitters arising again with the ISM numbers being better than expected,” Lynch said.
