Summary: Stocks fall, pushing Dow from record

AP News
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Posted: May 29, 2013 4:58 PM

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.

PORK PURCHASE: Smithfield Foods, a maker of packaged meats, surged $6.51, or 25 percent, to $32.49 after the company agreed to be acquired by meat processor Shuanghui International Holdings for about $4.72 billion.