Banks, energy companies and chipmakers were the biggest decliners. Some analysts said the drop after Wall Street's best week in the past two months shows the market is likely to remain range-bound.
"It looks more like a consolidation than some type of conviction selloff," said Maier Tarlow, a New York Stock Exchange floor trader at Raven Securities. "We think that the market has got a bullish trend now, and unless we see repeated selloffs on better volume, we're going to keep that opinion."
Trading was among the lightest of the year, with 6.07 billion shares changing hands on the NYSE, Nasdaq and Amex combined. That contrasted with the 2009 average daily volume of 9.65 billion shares. Light volume tends to exaggerate market moves and can indicate a lack of conviction.
Worry about Europe's banks resurfaced after the Wall Street Journal reported major lenders understated holdings in potentially risky government debt during tests designed to probe banks' strength.
Dow Jones Industrial Average
(DJI: ^DJI)| Index Value: | 10,340.69 |
|---|---|
| Trade Time: | 4:04PM EDT |
| Change: |  107.24 (1.03%) |
| Prev Close: | 10,447.93 |
|---|---|
| Open: | 10,446.80 |
| Day's Range: | 10,332.40 -10,446.80 |
| 52wk Range: | 9,378.77 -11,309.00 |
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