CHICAGO (CBS) — Stocks closed lower Friday, finishing the last trading day of the week, month and first quarter on a bit of a soft note, as investors sifted through a hefty batch of economic data.
The NASDAQ dropped 2, the S&P 500 shed 5 and the Dow Jones Industrial Average closed down nearly 65 points, settling to 20,663.
“We are in the midst of a secondary correction within an ongoing bull market. Secondary corrections always have reasons for why the market pulls back, but at the end of the day, market moves get a bit tired and in order to restore that vitality you need stocks to pull back,” said Chuck Carlson, CEO of Horizon Investment Services
He also noted that there is an improvement in corporate profits and that ultimately is what drives stocks in a sustained way.