Investors slow down in mixed market
Associated Press
NEW YORK — Investors slowed their hectic buying of stocks yesterday, leaving the major indexes little changed, some higher, some lower, after a four-day advance.
Stocks pulled back from early highs as financials, which have been surging lately, retreated. Meanwhile, Treasury prices rallied ahead of the next round of debt auctions.
Analysts had expected a pause after stocks soared last week, lifting the Dow Jones industrials 370 points. The advance picked up momentum Friday after Federal Reserve Chairman Ben Bernanke declared that the economy is on the verge of recovery.
"I think people believe there are signs of recovery here, but it doesn't hurt to take a little bit of profits," said Alan Villalon, senior research analyst at First American Funds.