Stocks drift lower to start the week

NEW YORK (AP) — Stocks have finished the day lower, pulling the S&P 500 back from a five-year high. The index slipped nearly a point today to finish at 1,517.01.

The Dow lost 22 points to close at 13,971.24, and the Nasdaq composite fell nearly two points to 3,192.00.

Seven of the 10 industry groups within the S&P 500 dropped.

With the major indexes near record highs, many analysts think the stock market's six-week rally is ready for a pause.

Brian Gendreau, market strategist at Cetera Financial Group, says if you were to take the increase that's been seen so far in 2013 and compound it over the entire year, it would be the best year ever for stocks. And he says, "Nobody thinks that's going to happen."

Apple stock gained today following reports over the weekend that the tech giant is developing a gadget like a wristwatch -- a smart watch. It would reportedly run the same operating system used for iPhones and iPads.

©2016 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.