Wall Street opened down sharply Tuesday as investors pausing after seeing the Standard & Poor’s climb out of eight of the last nine sessions and receive the highest in four years.
In early trade, the Dow Jones lost 0.74% (98 points) at 13,141 points. The S & P 500, wider, yielding 0.71% (10 points) at 1,399 points while the Nasdaq composite fell by 0.8% (24 points) to 3053 points.
“It seems that the market has just need to rest,” said Jack Ablin, chief financial officer of Harris Private Bank in Chicago, who notes that investors focus again on economic fundamentals.
Values, Adobe Systems was down 3.6%. The designer of Photoshop and Acrobat announced Monday an increase in its quarterly revenue below expectations due to lower sales of its Creative Suite.
The jeweler Tiffany jumped on him after saying 6% anticipate an increase in its annual results through its development in Asia and America.
The number of housing starts in the U.S. fell in February, but that building permits surged to its highest level since October 2008, a sign that the housing market continues to recover.
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke should speak during the day, one before the House of Representatives, the other at George Washington University.