Since reaching an all-time record high on Tuesday, the S&P 500 has fallen. Today’s losses were partly attributable to a sell-off in small-cap stocks. “The primary sentiment right now is cautious and nervous,” Michael James, a Los Angeles-based managing director of equity trading at Wedbush Securities Inc., said. “It’s more a matter of capital preservation than it is trying to generate returns. This is a time of caution. More people are looking to make sales and raise cash than they are to put cash to work on the weakness.”
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