US STOCKS-Dow, S&P 500 dip from record levels, but semis jump

martes 3 de junio de 2014 13:13 GYT

* Dow, S&P 500 ended at records on Monday

* Semiconductors rally; Skyworks lifts outlook

* Pilgrim's raises buyout offer for Hillshire

* Dow off 0.2 pct; S&P 500 down 0.1 pct; Nasdaq off 0.3 pct (Updates to midday; adds automakers' shares and auto sales)

By Ryan Vlastelica

NEW YORK, June 3 (Reuters) - U.S. stocks edged lower on Tuesday, with the Dow and the S&P 500 receding from Monday's record closing levels as traders found few reasons to buy following a string of gains, though a rise in semiconductor companies' shares limited losses.

The day's slight losses were broad, with eight of the 10 primary S&P 500 sector indexes down for the day, led by telecom , which fell 0.6 percent. Slightly more than 60 percent of stocks traded on both the New York Stock Exchange and the Nasdaq fell on the day.

Monday marked the Dow's second straight record closing high, while it was the third consecutive record close for the S&P 500. However, recent advances were made on light volume, indicating that the rally has lacked conviction.

"Valuations are elevated, and therefore anything that looks soft gives the market pause," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "Recent data has collectively suggested things are decent, which is fertile for stocks, though more in the long-term than right now."   Continuación...