US STOCKS-Wall St falls; S&P 500 below 14-day moving average
By Ryan Vlastelica
NEW YORK, Sept 9 (Reuters) - U.S. stocks fell on Tuesday, with the S&P 500 dropping under a key technical level for the third time in as many sessions, as investors took profits in the wake of a rally that has sent the benchmark S&P index to repeated records.
The S&P is below its 14-day moving average, a sign of weakening near-term momentum. While the S&P also fell under it in both Friday's and Monday's session, it was able to rebound and close above it. If the index on Tuesday ends under the level - currently 1,997.88 - that could signal further losses ahead.
The day's losses were broad, with nine of the 10 primary S&P 500 sectors lower on the day. The only group to rise was energy , which rose 0.3 percent, rebounding from a sharp decline on Monday.
Telecom was the weakest group of the day, down about 1 percent, pressured as Verizon Communications lost 1.2 percent to trade at $48.94.
Amazon.com Inc also pressured the broader market, falling 2.1 percent to $335.11.
Nonetheless, Wall Street's recent uptrend is still viewed as intact, however, as accommodative monetary policy from central banks creates an environment that is viewed as positive for equities.
"Right now we're in the same playbook we've been all year, where we hit a new high, consolidate for a week or so, and then march higher to another record," said Chris Bouffard, chief investment officer at the Mutual Fund Store in Kansas City, Missouri, which has $9 billion in assets under management.
"The only real strength in the global economy is coming from U.S. stocks, so we remain constructive." Continuación...