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Stocks lost ground in the last half hour of trading and closed near the lows of the session Monday amid light volume and a flurry of merger and acquisition activity.
The Dow Jones Industrial Average fell 48.22 points, or 0.4 percent, to 10,812.04, after rising nearly 2 percent in the previous session , and after four weeks of gains.
Bank of America, Travelers JP Morgan led the laggards, while AT&T and American Express rose.
The S&P 500 fell 6.51 points, or 0.6 percent, to 1,142.16, while the Nasdaq fell 11.45 points, or 0.5 percent, to 2,369.77.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 22.
Financials, industrials and health care sectors declined, while telecom and utilities rose.
The market weakness was most likely a temporary pause as investors regroup from the significant gains of last week, said Jeffrey Saut, chief market strategist at Raymond James
"We broke out of the May through September trading range that we’d been in, and we broke out with some vigor," Saut said and added that stocks could rise to levels in April, when the Dow was above 11,000, and the S&P 500 Index was at 1,217.
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