Updated: 5:32p.m. EST on Nov. 18
After reaching a record high in late afternoon trading Monday, the Dow Industrial Average closed slightly lower at 15,976.02, up 14.92 points from the previous close. The S&P 500, which similarly jumped to a record high on Monday, closed at 1791.53 or 6.65 points below Friday’s close.
Though the Dow closed at its fourth-consecutive closing high, earlier the index had jumped above the 16,000-point threshold to a record 16,030.28 points. Similarly, S&P 500 surpassed 1,800 points for the first time and hit a record 1,802.37 points during the day.
Art Cashin, the director of floor operations at UBS, told CNBC that comments by investor Carl Icahn caused the stocks to tumble toward the end of the day. At the Reuters Global Investment Outlook Summit, Icahn said he saw potential for a “big drop” in stocks due to weak earnings.
Stocks have been surging of late in the wake strong corporate profits and signals that the Federal Reserve is likely to continue its policy of monetary stimulus.
Update: This story has been updated to include the closing figures for the day.