Is the bull getting tired? It’s just the second trading day of December and investors already look wary of letting the rampage run to the end of the year.
The Dow and S&P 500 were lower for a third day Tuesday, while the Nasdaq slipped for a second straight day. The S&P has managed gains in December for 24 of the past 30 years, but with the index up 26% so far in 2013, investors are ready to take a break.
“It’s likely that markets will be in a holding pattern as we head into the business end of the week that starts with ADP employment tomorrow, the ECB on Thursday and ending with payrolls on Friday,” wrote Deutsche Bank analyst Jim Reid, in a market report.