(CNBC) — U.S. stocks closed mixed Monday, steadying after their first three-week rally of the year so far, as declines in tech stocks offset gains in energy stocks.
“I don’t think it’s a whole lot more than, we had a significant rise over a three-week period. Anybody that’s getting hit today is … up significantly over a three-week basis,” said Art Hogan, chief market strategist at Wunderlich Securities.
The Nasdaq composite underperformed with a decline of more than half a percent in afternoon trade. Information technology traded more than 1 percent lower to lead S&P 500 decliners. Over the last four weeks, the sector is up more than 8 percent from its intraday low.
