* S&P has ended higher 11 times in past 13 sessions
* Losses broad, but "momentum" stocks outperform
* Achillion Pharma jumps in heavy volume
* Indexes down: Dow 0.2 pct S&P 500 0.3 pct, Nasdaq 0.3 pct
(Updates to open)
By Ryan Vlastelica
NEW YORK, June 10 U.S. stocks fell modestly on
Tuesday as investors found few reasons to keep buying with the
Dow and S&P 500 coming off a string of record highs.
The day's losses were slight but broad, with nine of the ten
primary S&P 500 sectors down on the day. However, the biggest
declining group, industrials, were down less than 0.4
percent, and many sectors were down less than 0.1 percent.
"Momentum" stocks, which are marked by hyper levels of
growth and concerns over valuation, were among the day's biggest
outperformers, with a number of Internet names were also higher
on the day. Facebook Inc rose 2.6 percent to $64.50 while
Netflix Inc was up 2.3 percent to $432.94.
Tuesday's decline comes after a string of gains for Wall
Street. The S&P 500 has ended at a record for the past four
sessions, and ended higher 11 times in the past 13 sessions.
"Most valuation metrics suggest that equities are no longer
cheap, though they're not exactly overpriced where they are now.
People are looking for reasons to really buy, but we're
optimistic that equities can continue to push higher," said
David Carter, chief investment officer at Lenox Wealth Advisors
in New York.
Investors continue to watch trading volume, which has been
below average of late, potentially making the market more
susceptible to big swings. The CBOE Volatility index rose
4.3 percent in its second straight daily move, though it remains
at levels that are very low from a historical perspective.
The Dow Jones industrial average fell 39.53 points or
0.23 percent, to 16,903.57, the S&P 500 lost 5.7 points
or 0.29 percent, to 1,945.57 and the Nasdaq Composite
dropped 12.86 points or 0.3 percent, to 4,323.39.
Achillion Pharmaceuticals Inc was the Nasdaq's most
active name, surging 47 percent to $6.29 on heavy volume and
building on a jump of almost 48 percent on Monday. The company
early Tuesday commented on an ongoing Phase 1 clinical trial for
a hepatitis C drug, and was upgraded to "market outperform" from
"market perform" by JMP Securities.
Also boosting biotech names was Receptos Inc, which
jumped 37 percent to $40 after its experimental multiple
sclerosis drug met its main goal in a mid-stage trial.
RadioShack Corp slumped 8.4 percent to $1.41 after
the U.S. electronics retailer reported a much
wider-than-expected quarterly loss.
Chico's FAS Inc rose 9.7 percent to $16.86 in heavy
trading after the Financial Times reported that the company was
exploring a sale to private equity.
(Editing by Nick Zieminski)