Stocks retreated in midday trade yesterday, with the Standard & Poor's (S&P) 500 index falling from an 18-month high, as a drop in oil prices pulled energy producers lower and concern grew that equities have risen too far, too fast.
Pioneer Natural Resources and Exxon Mobil helped lead energy companies lower as the price of crude oil slipped from the highest level since October 2008 on a bigger-than- forecast increase in inventories. Las Vegas Sands slid 1.3 percent after its shares were downgraded at UBS, while Visa fell 0.4 percent before a report yesterday on consumer credit.
The S&P index lost 0.2 percent to 1 186.93 points and the Dow Jones industrial average shed 0.2 percent to 10 945.97 points.
"We're in a buying stampede, and it's pretty rare to have them go much more beyond this," said Jeffrey Saut, the chief investment strategist at Raymond James & Associates. "Things are pretty overbought here on a short-term basis."
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