Call The (Summer's) Close

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14,700? 14,500? 12,000?

The Dow Jones Industrial Average was down 48 points, or 0.3%, at 14793 in light midafternoon trading ahead of the Labor Day holiday weekend. The S&P 500 fell six points, or 0.4%, to 1632. The Nasdaq Composite Index dropped 29 points, or 0.8%, to 3592.

For the month, the Dow Jones Industrial Average is down about 4.7%, on pace for its largest monthly pullback in more than a year, after vaulting to a record high at the start of the month. Oil prices surged to a 2½-year high and the yield on benchmark U.S. Treasury bonds continued their march toward 3%, registering a recent 2.75%.

The tumult is likely to continue in the month ahead, investors say, as the U.S. Federal Reserve weighs a wind-down of its easy-money policies, the U.S. ponders its next move in Syria and officials in Washington wrangle over the federal budget and the U.S. debt ceiling.

Stocks Fall in Turbulent Month [WSJ]
Godfather of Charts Turns Bearish; Targets Down 12000 [WSJ MoneyBeat blog]

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