Stock Market Today: Why a Pullback Isn’t the Real End of a Rally
Posted on February 04, 2013 at 15:29 PM EST
The stock market today (Monday) took a breather after a robust rally last week that left the Dow Jones Industrial Average just 155 points from its all-time high of 14,165. In early afternoon trading Monday, the Dow gave back 125 points, the Standard & Poor's 500 Index shed 14, and the Nasdaq lost 38. The pullback came on the heels of strong gains in January in which the Dow added 5.9%, marking the index's best performance for the first month of a year since 1994. Most analysts remain bullish and aren't worried by Monday's declines, saying stocks were due for a temporary retraction and some profit-taking was in order. "We should get a pullback. Markets have been on a tear and they have been on a tear for good, sound economic and earnings-driven reasons," Peter Kenny, managing director at Knight Capital in Jersey City, NJ told Reuters . To continue reading, please click here...