September 21, 2009

U.S. markets slide Monday

U.S. markets slipped Monday as investors worried an extended rally may have become overextended.

In early afternoon trading, the Dow Jones Industrial Average lost 52.68 points, 0.54 percent, 9,767.52. The Standard & Poor's 500 lost 5.88 points, 0.55 percent, to 1,062.42. The Nasdaq composite index shed 0.57 points, 0.03 percent, to 2,132.45.

The DJIA has gained more than 45 percent since mid-March. Since July, the DJIA has gained an average 33 points per day.

Analysts say markets can climb too far, too fast, prompting a sometimes jarring correction.

The benchmark 10-year Treasury rose 5/32 to yield 3.452 percent.

The euro fell to $1.4675 from Friday's $1.4702. Against the yen, the dollar rose to 92.06 yen from Friday's 91.38 yen.

In Tokyo, the Nikkei 225 lost 0.7 percent, 73.26 points, to 10,370.54.

In London, the FTSE 100 index lost 0.74 percent, 38.53 points, to 5,134.36.