Stocks slip as Wall Street takes a breather after 4-day run

Friday, January 8, 2021, Vol. 45, No. 2
The Associated Press

Stocks closed lower on Wall Street Monday as trading cools in markets around the world following record-setting runs.

The S&P 500 fell 0.7%, breaking a four-day winning streak.

Analysts said a pullback was no surprise following the big rally recently for everything from stocks to bond yields to commodities amid a wave of optimism. At the same time, the worsening pandemic continues to slam the economy.

Treasury yields continued to rise, partly on expectations that the U.S. government is set to borrow a lot more money for stimulus programs.

That has investors raising their expectations for economic growth and inflation.