Dow Pulls Back After Crossing 16,000 for 1st Time

Stocks pared their blockbuster gains late Monday afternoon, pulling back somewhat after the Dow crossed 16,000 for the first time ever earlier in the day. Investors had cheered the ongoing stimulus efforts from the Fed — and the indications that it wouldn't ease off its bond-buying anytime soon — as well as upcoming economic reports due this week on retail sales and manufacturing, pushing the benchmark index above that level just after markets opened in the morning. The S&P 500 also broke an intraday record, rising above 1,800 for the first time, while the Nasdaq also gained. But despite those early intraday highs, both the Dow and S&P pulled back, with the Dow closing above 15,975 — up just slightly for the day — and the S&P closing down six points, above 1,791.

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