US STOCKS-Wall Street steps back from record highs

lunes 8 de agosto de 2016 14:49 GYT

* Energy shares surge on oil rally

* Drugmakers Bristol-Myers, Allergan, Merck drop

* Indexes down: Dow 0.2 pct, S&P 0.21 pct, Nasdaq 0.34 pct (Updates to afternoon)

By Noel Randewich

Aug 8 (Reuters) - Wall Street retreated from record highs on Monday as a drop in healthcare stocks offset the impact of higher oil prices on energy stocks and a strong jobs report.

A rally to several all-time highs since late June has left the S&P 500 up nearly 7 percent in 2016, with many investors concerned about stretched valuations.

"This is a natural pause for reflection by the markets. Everyone is sitting there saying 'Holy cow, what did we do?'," said Brad McMillan, chief investment officer at Commonwealth Financial Network.

"Momentum is a big part of it. People are afraid of missing out."

Pressured by losses in Bristol-Myers, Merck and Allergan, the S&P 500 healthcare index dipped 1 percent while the Nasdaq biotech index dropped 1.2 percent.   Continuación...