After big rally last week, markets see small decline
Associated Press
NEW YORK — Wall Street's big rally fizzled — and maybe that's OK.
Analysts said yesterday's pullback after a four-session surge didn't necessarily signal that traders were reconsidering their newfound optimism about financial stocks, a main driver behind last week's advance.
In fact some viewed the measured easing in stocks as reassuring following a surge of more than 9 percent in major indicators last week, more than the market has moved in some years.
"This is healthy," said Dave Rovelli, managing director of trading at brokerage Canaccord Adams in New York. "The best thing for this market is that we don't go up aggressively. A steady rise of a few up days then a down day would be a lot better than 1,000 points up."
Market analysts had cautioned since the start of the rally that it could be short.