Stocks hit a big milestone, then promptly spun off the road.
Major indexes dived the most this year Monday, the first trading day after the Dow broke 14,000 and closed at its highest level since the financial crisis.
The Dow Jones industrial average dropped as much as 143 points in afternoon trading. It closed down 129.71, or 0.9 percent, at 13,880.08.
The Standard & Poor's 500 index fell 17.46 points, or 1.2 percent, to 1,495.71. The Nasdaq composite index lost 47.93, or 1.5 percent, to 3,131.17.
Monday's declines were the biggest drops this year for all three indexes. They followed a surge Friday that pushed the Dow over 14,000 for the first time since 2007, before the financial meltdown that routed world markets.
Friday was only the tenth time in its history that the Dow closed above 14,000. The first was in July 2007; the rest were in October of that year. The index closed Friday just 155 points shy of its record high, set that October.
The rally was powered by solid economic data, including a January jobs report that showed the labor market is strengthening gradually. A broad measure of manufacturing also rose sharply.
The Dow is up nearly 6 percent this year. Yet Wall Street's celebratory mood was a distant memory Monday, as U.S. stocks followed European markets lower. France's CAC-40 closed down 3 percent, Germany's DAX 2.5 percent.
"It started to look like things in the market are maybe getting a little ahead of themselves, compared to some of the data we've seen," said Bill Stone, chief investment strategist at PNC Asset Management Group. He said problems in Europe are also beginning to affect U.S. markets after several quiet months.
Dow, S & P 500 and Nasdaq all decline
Stocks hit a big milestone, then promptly spun off the road.
Grand Traverse to hold pension bond hearings
The Grand Traverse County Commission will host public hearings on the 2014 budget and a proposal to borrow more than $40 million to cover pension obligation costs during a committee meeting Wednesday night.Continued ...
Police make arrest in 1996 murder
A man is expected to be arraigned today on charges tied to the 1996 rape and murder of a woman in Kalkaska County.Continued ...
Estes sentenced to probation
A judge sentenced Traverse City Mayor Michael Estes to 18 months probation for driving while impaired.Continued ...
- Poll: Safe to bury radioactive waste less than a mile from Huron?
Young Gladiators reach title game
Traverse City St. Francis tipped off the season with not only a tournament victory, but an unusually early league contest as well.Continued ...
GT board: Open meeting violations?
Grand Traverse County’s governing board is under fire for limiting public comment at a contentious budget meeting attended by scores of citizens.Continued ...
Editorial: Big Rock’s nuke waste site got a pass
The issue: Critics assail Canadian nuke waste plan. Our view: Little has been said about how Big Rock’s waste is stored.Continued ...
GT County deer harvest down
The bucks dropped here. Actually, it’s true of both does and bucks: the Michigan Department of Natural Resources says hunters in Grand Traverse County alone reported 42 percent fewer deer killed this year compared to last year.Continued ...
Letters to the Editor: 12/03/2013
Competition beneficial; Bill the owner.Continued ...
Bullough repeats as all-league selection
The Michigan State defense led the Big Ten in virtually every category this season and that was reflected Monday on the all-league football teams selected by the coaches and media.Continued ...
Citizens turn out to support tribe
One of the first things Holly Thompson’s son noticed about the new Clinch Park was how it had erased any mention of his Native American history.Continued ...
Placek, Hicks and Yaakoby are honored
Traverse City West’s Katie Placek, Boyne City’s Kylie Hicks and Leland’s Noa Yaakoby were each named to their respective division’s all-state first team in selections announced by the state volleyball coaches association.Continued ...
Girls Basketball Roundup: Forest Area beats TC Christian
Forest Area led from start to finish, opening the girls basketball season with a 35-20 victory over Traverse City Christian. (Plus more)Continued ...
One arrested in Leelanau vehicle thefts
A string of Leelanau County vehicle thefts and larcenies led to a Mount Pleasant man’s arrest and a statewide manhunt for another suspect.Continued ...
Midwest Junior Hockey League Standings: 12/03/2013
Midwest Junior Hockey League Standings as of Dec. 2, 2013:Continued ...
Bowling Scores: 12/03/2013
Top scores from Lucky Jack's bowling leagues this week:Continued ...
Community in Brief: 12/03/2013
Merry Marketplace; Cookie Extravaganza; Art lecture. (Plus more)Continued ...
Clearing the Record: 12/03/2013
Because of incorrect information provided to the Record-Eagle, the amount of a grant awarded to Traverse City by the Great Lakes Fishery Trust was incorrect in a Nov. 23 story, and the trust's name was misspelled.Continued ...
- November 30, 2013
Community in Brief 12/03/2013
Extreme Precision Make-Over nominations sought; garden club meets for lunch; qualifying Lego tournament; and more.Continued ...
- November 26, 2013
Three arrested in drug bust
Authorities arrested three men in an investigation into the sale of heroin and cocaine.Continued ...
Sheriff's department warns of phone scam
Grandparents: Be wary of phone calls from your oldest grandson. The calls may be part of an elaborate scam aimed at the heartstrings and generosity of elderly patriarchs and matriarchs.Continued ...
Santa Claus coming to town Dec. 6
The 30-foot-tall blue spruce placed downtown at Cass and Front streets sets the stage for upcoming holiday festivities.Continued ...
Meth dump discovered in Benzie
Traverse Narcotics Team detectives are investigating a dump of methamphetamine lab components found in Benzie County.Continued ...
- Poll: Are you currently carrying student loan debt?
TC man takes over boat shows
Paul Jacobs developed his love of the water in Traverse City. His fondness for water bodies like Grand Traverse Bay and Lake Michigan translated into an interesting new business venture for the retired Traverse City Area Public Schools teacher.Continued ...
Editorial: Student loan debt weighs on best, brightest
The issue: Student loan debt tops $1.2 trillion. Our view: It’s a broken system that must be changed.Continued ...
- Grand Traverse to hold pension bond hearings