"Everyone is just trying to get a read on where this is heading. There's so much in the way of structural imbalances in the recovery that these flat spots are completely normal but the recovery isn't strong enough not to feel some pain from these flat spots," he said.
Of the 4.2 billion shares that traded on the New York Stock Exchange, 7% advanced while 92% declined. 2 million shares changed hands on the Nasdaq.
"We need continued progress on all fronts and no new front to open up before we can see the market go back to where it was," said Jim Cramer in his
Basic materials and energy stocks took the session's biggest losses while defensive names showed mild declines. Bank of America (BAC), JPMorgan Chase (JPM), Alcoa (AA) and Caterpillar (CAT) were the Dow's biggest laggards, while McDonald's (MCD), Walt Disney (DIS) and Kraft Foods (KFT) traded only slightly to the downside. All 30 Dow components ended in negative territory.Amidst the bad news, shares of Internet radio company Pandora Media (P)
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