US stocks dip

US investors intent on collecting profits from Friday’s big gains looked past a series of positive earnings reports today and sent blue chip stocks moderately lower. The falling dollar and rising price of oil contributed to the selling.

“This is the classic ’buy the rumour, sell the news’ market,” said Russ Koesterich, US equity strategist for State Street Corp. “A lot of the stocks that reported today have already had huge runs. They beat estimates, yes, but not so much that they’re being bid higher.”