Dow drops 300 points, Caterpillar slides 8%
Stocks fell on Monday, giving back some of the sharp gains from the previous week, as investors continued to weigh the coronavirus outlook along with a historic oil production cut.
Caterpillar was the worst-performing stock in the Dow, falling more than 8%. The stock was pushed lower by a downgrade from a Bank of America analyst. Financials and real estate led the S&P 500 lower, with both sectors trading more than 2.5% lower.
“The market is digesting some very savory returns,” said Sam Stovall, chief investment strategist at CFRA Research. “We were up 25% from trough to the most recent peak.”
“While some people might say we’re at the beginning of a new bull market, I think we have to take a wait-and-see attitude,” Stovall …continued .
[Source: CNBC News]