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NEW YORK (CNNMoney)
The Dow Jones industrial average fell 0.3% while the S&P 500 and Nasdaq slipped 0.1%.
Stocks have lost steam in the last few weeks, in the wake renewed worries about Europe, softer U.S. economic data, particularly the March jobs report, and building nuclear threat from North Korea.
But following this year's huge rally and new record highs for the Dow and S&P 500, experts say a pause is normal.
It also may be start of a short-term correction "that will wring out some of the excesses that have crept into the market, most notably overly optimistic sentiment," said William Riegel, head of equity investments at TIAA-CREF.
Investors will be shifting gears this week to the start of the first-quarter earnings season. Aluminum producer Alcoa (AA, Fortune 500) is on tap to report results after the closing bell. The Dow component is expected to post a profit decline due to weak aluminum prices. JPMorgan Chase (JPM, Fortune 500) is scheduled to report Friday. Overall, analysts are forecasting first-quarter earnings to grow 1.5% compared to a year ago, according to Thomson Reuters.
Related: It's going to be a tough quarter for banks
In other corporate news, General Electric (GE, Fortune 500) said it planned to buy energy company Lufkin Industries (LUFK) for $3.3 billion. Shares of Lufkin, which builds and maintains equipment for oil and gas wells, surged nearly 40% in early trading.
Anheuser-Busche InBev's (BUD) proposed $20 billion acquisition of Mexican brewer Grupo Modelo appears to be back on track after the companies, along withConstellation Brands (STZ) and Crown Imports, said they'd reached an agreement that would settle the Justice Department's objections to the deal.
Shares of Biocryst Pharmaceutical (BCRX) surged after China's Food and Drug Administration expedited the approval of the company's anti-influenza medicine Peramivir amid a bird flu outbreak.
Related: Fear & Greed slides into neutral
In Europe, Portugal's top court invalidated a portion of the government's austerity package on Friday, leaving policymakers scrambling for additional revenue to comply with the terms of the country's international bailout.
Portuguese stocks fell but the main European markets were slightly higher in afternoon trading.
Meanwhile, Tensions remain high in Korea as the region waits uneasily for Kim Jong Un's next move. Asian markets ended mixed. The Shanghai Composite closed down 0.6%, while the Hang Seng advanced 0.1%.
The Nikkei continued to rally, adding another 2.8%, as investors cheered new stimulus measures from the Bank of Japan. The yen weakened against the U.S. dollar, falling to its lowest level since 2009.
The dollar fell against the euro but gained ground versus the British pound.
Oil priced edged higher, while gold slipped.
The price of the 10-year Treasury edged lower, pushing the yield up to 1.72% from 1.69% late Friday.
First Published: April 8, 2013: 9:42 AM ET
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