Stocks hit a big milestone, then promptly spun off the road as the Dow fell sharply Monday, the first trading day after the Dow broke 14,000 for the first time 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 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.Have more to add? News tip? Tell us
