Closing Bell

Wall Street retreated from a two-year high on Monday, weighed down by financial stocks and a stronger dollar. The broad S&P 500 has risen five straight weeks, supported by the Federal Reserve's plan to buy $600 billion of Treasuries to lower interest rates and reinvigorate a sluggish economy. Since the euro zone financial crisis, a popular trade has been to sell the S&P 500 when the euro falls against the dollar, but that correlation has frayed of late. The 22-day rolling correlation between the euro and the S&P E-mini futures was 0.52, compared with 0.89 just two weeks ago. Volume was light, with about 7.07 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below the year-to-date daily average of 8.73 billion.

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