U.S. stocks pulled back from recent highs to close lower in light volume trade on Tuesday, as investors weighed soft auto sales and looked ahead to domestic data.
“There’s no economic reports other than auto and truck sales so I don’t think there’s anything going on except that the market is rolling over,” said Robert Pavlik, chief market strategist at Boston Private Wealth. “I don’t think today’s market (was) the start of any sort of consolidation.”
Wednesday brings a relatively heavy day of economic reports, with weekly mortgage applications at 7:00 a.m., the private sector payrolls report at 8:15 a.m., service sector reports later in the morning and the Fed’s Beige Book at 2:00 p.m.
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