NEW YORK (AP) - Stocks fell in light trading Monday as investors dumped former darlings of the market, real estate companies and utilities.
Indexes slumped from the start of trading and remained down throughout the day as investors continue to speculate about when the Federal Reserve is likely to raise interest rates as the economy strengthens. A report earlier in the day showed U.S. manufacturing picking up.
The selling was modest, but broad. Eight of the 11 sectors of the Standard and Poor's 500 index closed down for the day.
The Dow Jones industrial average fell 54.30 points, or 0.3 percent, to 18,253.85. The S&P 500 index lost 7.07 points, or 0.3 percent, to 2,161.20. The Nasdaq composite declined 11.13 points, or 0.2 percent, to 5,300.87.
Investors hungry for income-producing assets have been buying utilities and real estate companies for their steady dividends. But those stocks become less attractive if interest rates and bond yields climb.
On Monday, stocks of real estate companies lost 1.8 percent. Utilities shed 1.4 percent.