According to a report from the Wall Streer Journal "the Dow Jones Industrial Average gave up 152 points, or 0.9%, to 16283, in Monday afternoon trading. That was the lowest level for the Dow since Dec. 23.
The S&P 500 dropped 20 points, or 1.1%, to 1822. The Nasdaq Composite Index shed 54 points, or 1.3%, to 4120".
Stocks began the day in mixed territory then sold off midday. Traders said the selloff wasn't tied to any particular headlines, saying instead that investors were nervous to bid stocks much higher at current valuations, particularly on the heels of a strong 2013. The Dow is off 1.5% this year, while the S&P 500 has shed 1%.
"People feel like we're getting to a point where the market feels a little bit heavy here," said David Seaburg, head of equity sales trading at investment bank Cowen. "The market's extremely jittery right now. There's broad-based expectation for a little bit of a pullback."
Goldman Sachs said in a note to clients that the S&P 500 was becoming "lofty by almost any measure" and said further growth in valuations would be "difficult to achieve."
On Friday, the Dow slipped 0.1%, while the S&P 500 gained 0.2%, as investors weighed the weak December jobs-growth reading. The reading led to a sharp decline in Treasury yields, which had been rising for months.
The report sent analysts and economists scouring for explanations, with many attributing the weak number to unusually cold weather last month.
