(CNBC) — U.S. stocks declined on Tuesday, with the S&P 500 and Nasdaq falling for a third day, as investors weighed data illustrating a slowing global economy and tracked conflict in the Middle East.
"There has been a lot of negative thinking about China, Europe, and Ukraine, and lots of worries about the Middle East that could clearly get worse," said Hugh Johnson, chairman of Hugh Johnson Advisors.
"By my numbers we were 4 percent overvalued when we started this mess (pullback) and I would welcome a 6-to-8 percent decline," Johnson added.
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