NEW YORK (TheStreet) -- U.S. stock indices closed lower on Monday as investors took a breather after another record run-up in stocks last week that saw the Dow Jones Industrial Average
The Dow Jones Industrial Average closed down 0.62% to 17,172.68. The S&P 500
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Though the broad benchmark S&P 500
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Watch the video below for a closer look at how U.S. markets ended the trading day Monday:
Schaeffer's Investment Research's senior equity analyst Joe Bell for one doesn't believe the lackluster action on Monday points to evidence of a market top. "We saw a strong rally entering September and all of August. Volatility charts show investors are high on optimism," said Bell. "There's just a healthy bit of skepticism in the market and any pullbacks will be short because people are going to be hedged."
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Banyan Partners' chief market strategist Robert Pavlik said although the S&P 500 is up about 8% year to date, the market hasn't yet reached a top. Investors have seen relief in the short term from uncertainties such as September's tradition of soft trading patterns and anticipations of changes in Fed policy, he said.
Although some worries about an early rate hike are creeping back in and impacting certain sectors such as utilities, consumer staples and telecoms, Pavlik said in the long run a higher interest rate environment will be good for the economy as it would encourage banks to lend more and spur consumer action.
"For the remainder of 2014 I'm still optimistic and I continue to position my client's portfolios with a focus on growth that will arrive as the U.S. returns to a more normalized interest rate environment," said Pavlik.