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Stocks staged a strong comeback from their lows Monday, with the Dow posting a triple-digit recovery, but all three major indexes still finished in the red amid fresh worries over the euro zone.
“Short-term, this is probably a buying opportunity,” said Tyler Vernon, CIO of Biltmore Capital, on CNBC’s “ Power Lunch .” “There’s been some really light volume and it’s great that market has come back from these lows. And at the end of the day, people still think that Bernanke will flood medicine if things get worse.”
The Dow Jones Industrial Average fell 101.11 points, or 0.79 percent, to finish at 12,721.46, led by Kraft and Microsoft . The blue-chip index was down almost 240 points at session low.
With the day's drop, the Dow logged its eighth consecutive Monday. The last time the Dow fell eight Mondays in a row was in May 2002.
The S&P 500 slumped 12.14 points, or 0.89 percent, to close at 1,350.52. The Nasdaq dropped 35.15 points, or 1.20 percent, to end at 2,890.15.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended above 18.
All 10 S&P sectors finished in negative territory, led by energy and materials.
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KBH News & Analysis
Dow, S&P 500 Close at Fresh Highs; AAPL Slumps 3%, GOOG Ends Above $900 - 15 May 2013 EDT - CNBC.COM
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