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Stocks Tremble as Investors Fear a Correction Coming

Tickers in this article: DJI ^GSPC ^IXIC
NEW YORK (The Street) -- Major U.S. markets tumbled Monday as investors remained jittery from last week's weaker-than-expected jobs report, and the prospect that stocks are headed for a correction. Analysts said Tuesday's retail sales report could calm jitters that have been apparent since the onset of the new year.
  • The S&P 500 slumped 1.3% to close at 1,819.20, while the Dow Jones Industrial Average dropped 1.1% to 16,257.94. The Nasdaq tumbled 1.5% to 4,113.30.
  • "The jobs report that came out was a little disappointing; a little surprise," Brad Sorensen, director of market and sector analysis at Charles Schwab, said in a phone interview. "As [the market] started to drift a little lower there was no conviction to buy. I think the market will be watching for the retail sales number tomorrow."

  • The December Treasury budget statement showed a surplus of $53.2 billion. Atlanta Fed Bank President Dennis Lockhart spoke Monday, saying that the Federal Reserve scaling back its economic stimulus program will continue so long as the economy continues to improve.
-- By Jane Searle and Joe Deaux in New York 

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