Stocks hit a big milestone, then promptly spun off the road.
Major indexes dived the most this year Monday, the first trading day after the Dow broke 14,000 and closed at its highest level since the financial crisis.
The Dow Jones industrial average dropped as much as 143 points in afternoon trading. It closed down 129.71, or 0.9 percent, at 13,880.08.
The Standard & Poor's 500 index fell 17.46 points, or 1.2 percent, to 1,495.71. The Nasdaq composite index lost 47.93, or 1.5 percent, to 3,131.17.
Monday's declines were the biggest drops this year for all three indexes. They followed a surge Friday that pushed the Dow over 14,000 for the first time since 2007, before the financial meltdown that routed world markets.
Friday was only the tenth time in its history that the Dow closed above 14,000. The first was in July 2007; the rest were in October of that year. The index closed Friday just 155 points shy of its record high, set that October.
The rally was powered by solid economic data, including a January jobs report that showed the labor market is strengthening gradually. A broad measure of manufacturing also rose sharply.
The Dow is up nearly 6 percent this year. Yet Wall Street's celebratory mood was a distant memory Monday, as U.S. stocks followed European markets lower. France's CAC-40 closed down 3 percent, Germany's DAX 2.5 percent.
"It started to look like things in the market are maybe getting a little ahead of themselves, compared to some of the data we've seen," said Bill Stone, chief investment strategist at PNC Asset Management Group. He said problems in Europe are also beginning to affect U.S. markets after several quiet months.
Business
Related Photos
-
Stock traders work at the New York Stock Exchange on Monday. The Associated Press/Mark Lennihan
Stocks down after rally to 14,000
Dow, S & P 500 and Nasdaq all decline
-
-
Furniture store chain celebrates 60 years
Gerard Winkle was looking for a job in 1972. At the same time, John VanDrie was looking for a salesperson for his McBain furniture store.
Continued ... -
Chrysler recalls Jeeps
Chrysler abruptly agreed to recall 2.7 million older model Jeeps Tuesday, reversing a defiant stance and avoiding a possible public relations nightmare over fuel tanks that can rupture and cause fires in rear-end collisions.
Continued ... -
Starbucks posts calorie counts
Starbucks has a new way to wake up its customers: showing the calories in its drinks.
Continued ... -
EU, U.S. agree to start free trade talks
The European Union and the United States will open negotiations next month on a long-sought deal to create free trade between the world’s two mightiest economic regions — an effort that could create millions of jobs but that could also take years to transform from dream to reality.
Continued ... -
Food companies work to make products look natural
Here’s the latest goal for food makers: Perfect the art of imperfection.
Continued ... -
Car show will offer tour of grave sites
Back to the Bricks has been focusing on immortalizing some of the big names of the auto industry in bronze, but this year they’re looking to take car lovers to the final resting places of some of those people.
Continued ... - Sunday, June 16, 2013
-
Wineries find efficiencies
A dwindling labor pool and challenging packaging costs are prompting several northern Michigan winemakers to utilize innovative technologies in their vineyards.
Continued ... -
Doug Luciani: Our youth can come home now
Riding on a school bus doesn’t exactly conjure up fond memories of days gone by. But this ride was different.
Continued ... -
Business in Brief: 06/16/2013
Health care reform; Biz after hours; NCMC program.
Continued ... -
Jason Tank: Economics a dizzying display of acronyms
In one corner, the Federal Reserve is busy stacking up dollar bills on top of each other. In the other, the beleaguered American economy is putting up one mediocre data point after another.
Continued ... -
Business Memoranda: 06/16/2013
Traverse City-based EverywhereUGo has expanded, with board locations in the Van Andel Arena in Grand Rapids and the Great American Ball Park (home of the Cincinnati Reds) in Cincinnati, Ohio.
Continued ... - Saturday, June 15, 2013
-
Ag Forum: Tent caterpillars aren't hanging around
Generally speaking, people don’t become inquisitive about a lack of caterpillars attacking their trees, so I’m not surprised that no one has asked me where the tent caterpillars are this year.
Continued ... -
Futures File: Corn grinds lower despite poor conditions
America’s farmers likely planted a record corn crop despite poor weather conditions earlier this spring that delayed planting across much of the Midwest, according to USDA estimates.
Continued ... -
Rural U.S. losing population
Rural America is losing population for the first time ever, largely because of waning interest among baby boomers in moving to far-flung locations for retirement and recreation, according to new census estimates.
Continued ... - Friday, June 14, 2013
-
Horizon Books co-owner wins Lyle DeYoung award
Amy Reynolds always believed in downtown Traverse City’s retail corridor, even when the trend was for business owners to race off and set up shop at the nearest mall.
Continued ... -
Building Permits: 06/14/2013
Building permits issued in Grand Traverse County:
Continued ... -
The Record: 06/14/2013
Assumed names filed in Grand Traverse County:
Continued ... -
Grocers allege potato price fixing
A battle between grocers and potato growers has been silently hitting shoppers’ pocketbooks, according to a U.S. wholesaler accusing America’s spud farmers of driving up prices while spying on farmers with satellites and aircraft fly-overs to enforce strict limits on how many tubers they can grow.
Continued ... - Thursday, June 13, 2013
-
National magazine recognizes TC for boating opportunities
Robert Brown sees only one drawback to being a boating enthusiast in Traverse City. Winter.
Continued ... -
Post to invest $30M in Battle Creek plant
Cereal maker Post Foods says it plans to invest $30 million in a West Michigan facility, creating 92 jobs.
Continued ... -
Wet spring means reduced corn crop estimate
Corn farmers are feeling the impact of a cool, wet spring but are still expected to bring in a record crop this year.
Continued ... -
AAA study: Voice-operated dashboard tech still risky
Dashboard technology that lets drivers text and email with voice commands — marketed as a safer alternative — actually is more distracting than simply talking on a cellphone, a new AAA study found.
Continued ... - Wednesday, June 12, 2013
-
Rotary gives $241K in grants
A $65,000 grant awarded to Centre Ice for much-needed facilities’ upgrades is among $241,000 doled out this week by Rotary Charities of Traverse City.
Continued ... -
Farm Bill debate moves to contentious House
The last time Congress passed a farm bill, Democrats had control of the House and the food stamp program was about half the size it is today.
Continued ... - Tuesday, June 11, 2013
-
Mancelona upgrades water lines
Mancelona is upgrading its water lines this summer in a project described as a painful but necessary step to position the community for long-term job growth.
Continued ...
-
James Gandolfini Dies at Age 51
Fmr. TWA Flight 800 Investigators Want New Probe
Raw: Heat, Spurs Back on Court Ahead of Game 7
Dolce and Gabbana Convicted of Tax Evasion
Paris, Prince Depositions Used in Jackson Trial
Coiffed Cattle Get Their Close-up
In Berlin, Obama Channels Cold War Activism
Police at Patriots Tight End's Home for 2nd Day
Fed Suggests Bond Purchases Could Slow
AP: DOJ Broke Own Rules Seizing Phone Records
Raw: Baby White Rhino Debuts at Australian Zoo
Time Lapse: Rebuilding Bridge Post-collapse
Ohio Woman Accuses 3 of Holding Her Captive
Hunt for Ex-Teamster Boss Hoffa's Remains Ends
