"A start of that move was that breakout (above) 2,120," earlier this week, he said. US stocks retreated on Thursday after three days of gains as oil prices fell and global growth worries drove investors to safer assets like bonds.Energy shares declined 0.5 per cent as crude oil prices also snapped a three-day streak of gains, while the more defensive S&P utilities index rose 0.9 per cent, leading sector gains. "I would expect some follow-through in the next days and weeks. "It was a cautious tone investors took, investing in utilities and other high-dividend stocks and selling some more volatile sectors and securities, like small caps," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.The Russell 2000 index was down 0.7 per cent. "I think investors are pointing to the move in stocks that we've had since mid-February as perhaps being extended from a technical standpoint, and that caused some concern," he said.Still, the day's losses were slight, and the S&P 500 remains less than 16 points below its record closing high of 2,130.82.

Source: Economic Times June 09, 2016 23:03 UTC