Stocks pulled back Monday on Wall Street as markets around the world paused following record-setting runs.
Analysts said a pullback was no surprise following the big rally recently for stocks, bond yields and commodities amid a wave of optimism. With Democrats set to take control of Washington, investors expect Congress to try soon to deliver more stimulus to the economy through larger cash payments for Americans and other programs. That added to enthusiasm about a powerful economic recovery coming later this year as more COVID-19 vaccines roll out.
The S&P 500 dropped 25.07 points to 3,799.61. The Dow Jones industrial average fell 89.28 points, or 0.3%, to 31,008.69. The Nasdaq composite slid 165.54 points, or 1.3%, to 13,036.43. The three indexes set all-time highs Friday.