Standard & Poor's 500 index retreats from five-year high
BY Wire Reports
Tuesday, January 08, 2013
1/08/13 at 4:16 AM
Investors started the week on a cautious note, pulling down the Standard & Poor's 500 index from the five-year high it reached Friday.
Monday's move lower is likely the result of traders taking some winnings off the table after the stock market's surge last week, said Sam Stovall, chief equity strategist at S&P Capital IQ.
Investors are also preparing for corporate America's seasonal parade of earnings reports, which starts Tuesday.
The S&P 500 fell 4.58 points to close at 1,461.89.
The Dow Jones industrial average lost 50.92 points to 13,384.29, while the Nasdaq composite dropped 2.84 points to 3,098.81.
The S&P 500 soared 4.6 percent last week, when the government reported that employers added 155,000 jobs in December.