(Reuters) Billionaire activist investor Carl Icahn said on Thursday that it is time for U.S. stock market investors to tread carefully after the run-up on Wall Street.

“In my mind, it is time to be cautious about the U.S. stock markets,” Icahn said in a telephone interview. “While we are having a great year, I am being very selective about the companies I purchase.”

U.S. stocks fell on Thursday as concerns about the financial health of Portugal’s top listed bank gave investors a reason to cash in recent gains. The S&P 500 fell as much as 1 percent at one point before sharply rebounding, to close down -0.41 percent at 1964.68. [.N]

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