London - US stocks fell, after the Dow Jones Industrial Average reached its highest level ever, as a report showed industrial production in China expanded at the slowest pace since 2009.
Standard & Poor’s 500 Index slipped 0.1 percent to 1,549.22 at 9:31 a.m. in New York.
The Dow lost 12.31 points, or 0.1 percent, to 14,384.76.
“There’d be no surprise if people are just trying to digest and take a little bit of profit here,” Christopher McHugh, who helps manage about $10 billion at Turner Investment Partners in Berwyn, Pennsylvania, said in a phone interview.
“Earnings will come in focus over the next few weeks again as we come through the end of the quarter,” he said.
“We want to get off to a good start to complement the good gains of the market.”
The equity gauge rallied 2.2 percent last week amid better- than-forecast jobs growth and as investors speculated that central banks will continue with stimulus measures.
The S&P 500 is less than 1 percent below its record and the Dow is at an all-time high.
China’s industrial production increased 9.9 percent in the first two months of the year, less than the 10.6 percent gain projected in a Bloomberg survey, government data showed March 9.
Retail sales rose 12.3 percent, also trailing economists’ estimates, separate figures showed.
In the euro area, German exports rose more than economists forecast in January, data showed.
Exports, adjusted for working days and seasonal changes, advanced 1.4 percent from December, compared with the median estimate in a Bloomberg survey for a 0.5 increase. - Bloomberg News