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NEW YORK (CNNMoney)
The Dow Jones industrial average was down more than 90 points. On Friday, the Dow closed above 14,000 for the first time since October 2007, putting an all-time high in sight. The S&P 500 fell 0.6% and the Nasdaq lost 0.5%.
European markets were also under pressure, with shares in London, Paris and Frankfurt all down more than 1%.
The selloff comes after a strong rally in January. The Dow gained 5.9% in January, making it the best performance for that month since 1994. Given the recent strength, many analysts had suggested that stocks were due for a pullback.
Meanwhile, investors found little solace in economic data and corporate results released Monday.
The Census Bureau said new orders for manufactured goods rose 1.8% in December, which was weaker than expected. Economists had forecast a 2.4% increase in orders, according to estimates from Briefing.com
Royal Caribbean Cruises (RCL) reported a fourth-quarter loss, but said it expects demand to improve this year in North America, while Europe will remain weak. Gannett (GCI, Fortune 500) shares fell 5% after the media company said earnings excluding restructuring costs rose in the fourth quarter.
Yum! Brands (YUM, Fortune 500) will report after the close. Disney (DIS, Fortune 500) and BP (BP) will release quarterly results on Tuesday.
Shares of Dell (DELL, Fortune 500) were down 1% despite more reports that the company could go private early this week. Microsoft (MSFT, Fortune 500) is reportedly poised to assist in financing the deal.
Facebook (FB) shares were also lower in early morning trading, as the social networking site marked the ninth anniversary since its inception.
Herbalife (HLF)shares plunged after the New York Post said the company is being investigated by the Federal Trade Commission.
Shares of BlackBerry, formerly Research In Motion, began trading under a new ticker symbol, BBRY. The stock surged nearly 10%.
Fear & Greed Index still showing Extreme Greed
Asian markets ended mixed. The Shanghai Composite added 0.4% and Japan's Nikkei advanced 0.6%, while the Hang Seng declined 0.2%.
Oil prices sank 1.6%, while gold prices were also lower. The yield on the 10-year U.S. Treasury note was unchanged at 2%. The U.S. dollar gained versus the euro, but lost value against the British pound and Japanese yen.
First Published: February 4, 2013: 9:43 AM ET
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