SENTIMENT SHIFT: Stocks fell back as investors pared back their holdings of high-dividend stocks that they had favored earlier in the year. A rise in bond yields over the past month has been an important factor behind the shift, giving investors who want steady income an alternative to dividend-rich stocks like power utilities and consumer staple makers.
TIME FOR A PULLBACK?: After a powerful bull run to start the year, investors may be running out of reasons to keep plowing money into the stock market. Even after today’s decline, the S&P 500 is still on track for a seventh consecutive month of increases, the longest winning streak since 2009.
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