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Wall St pulls back after record highs

Tuesday, December 10 15:39:43

U.S. stocks edged lower today on profit-taking after the S and P 500 index climbed to a record in the prior session and on caution the Federal Reserve may end its stimulus efforts sooner than expected.

General Motors Co was in the spotlight after the automaker said its Chief Executive Dan Akerson will step down next month and be replaced by Mary Barra, the company's global product development chief. The stock was down 0.3 percent at $40.76.

A number of U.S. policymakers suggested on Monday the U.S. central bank may be closer than previously thought to trimming its $85 billion a month in bond purchases, a policy that stocks' rally.

"The Dow (at) 16,000 and the S&P 500 (at) 1,800 are two key levels immediately below current prices," said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research in Cincinatti, Ohio.

"I would keep a close eye on those two round-number levels going forward, as they've been key support and resistance zones over the past few weeks."

The Dow Jones industrial average fell 18.55 points or 0.12 percent, to 16,006.98, the S and P 500 lost 1.81 points or 0.1 percent, to 1,806.56 while the Nasdaq Composite dropped 6.417 points or 0.16 percent, to 4,062.334.