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David Kelly, chief market strategist at J.P. Morgan Funds, said it looks like investors are looking for a reason to take profits after stocks soared in the first three months of the year. The S&P 500 index rose 12 percent in the first quarter, its best start since 1998. Many investors Kelly talks to see no reason for the market to push higher. "There's a complete lack of enthusiasm," he said. "And it's making stocks cheap and bonds expensive." Concerns over Europe pushed the price of West Texas crude oil down 77 cents a barrel to settle at $103.11 per barrel in New York. Europe's slowing economy also hurt Kellogg Co. The food giant slashed its full-year profit forecast, blaming weak sales in the U.S. and Europe. Kellogg's stock dropped 6.1 percent. After the closing bell, Netflix reported its first quarterly loss in seven years and its stock plunged 13.6 percent in aftermarket trading. Among other stocks making big moves: Wal-Mart Stores sank 4.7 percent, the biggest drop of the Dow's 30 stocks. A report in The New York Times that said the company shut down an investigation into bribery by executives at its Mexican unit. The retailer said it was investigating for any breach of the U.S Foreign Corrupt Practices Act. Hasbro fell 5.2 percent after posting a first-quarter loss on falling sales and costs tied to cutting jobs. Weak sales of "My Littlest Pet Shop" miniatures and other girl's toys were partly to blame.
SunTrust Banks rose 2.8 percent after reporting quarterly earnings that beat analysts' estimates. The regional bank said fewer loans went bad and that it made more mortgage and commercial loans.
[Associated
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