Stocks Fall to Open Year for First Time Since 2008

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Stocks Fall to Open Year for First Time Since 2008 (Bloomberg)

Following 2013’s sizable gains, stocks fell today, marking the first time the S&P 500 has fallen in a year-opening session since 2008. “More people seem to be wary, as we are, of potential corrections as markets get overexcited,” Oliver Wallin, investment director at Octopus Investments Ltd. in London, said. “The question is just when to time it. A lot of people are willing to continue in this rally but are nervous at the same time. We’ve got one eye on the exit but we know there is money to be made in the short term.”

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Thanks to good economic data, including high U.S. factory activity, which raised speculation that the Federal Reserve will continue tapering its stimulus, the U.S. dollar rose today against several rival currencies, including the euro and yen.

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