Stock market takes nosedive after Dow's rally past 14,000
BY Associated Press
Tuesday, February 05, 2013
2/05/13 at 4:15 AM
Stocks hit a big milestone, then promptly spun off the road.
Major indexes had their worst day of the year Monday, the first trading day after the Dow Jones industrial average broke 14,000 and closed at its highest level since the 2008 financial crisis.
The Dow closed down 129.71, or 0.9 percent, at 13,880.08. Still, it's up nearly 6 percent this year.
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 meltdown that routed world markets.
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.