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Stocks pull back from record levels in early trade

June 3, 2014

NEW YORK (AP) — U.S. stocks are pulling back from record levels in early trading.

Krispy Kreme Doughnuts slumped 14 percent after the company cut its forecast for earnings this year, citing higher costs and fewer sales than previously estimated.

The Standard & Poor’s 500 index fell three points, or 0.2 percent, to 1,921 in the first few minutes of trading Tuesday.

The Dow Jones industrial average lost 44 points, or 0.3 percent, to 16,698. Visa fell the most in the Dow.

The Nasdaq composite fell seven points, or 0.2 percent, to 4,230.

On Monday, both the Dow Jones industrial average and Standard & Poor’s 500 index set record highs for the second straight trading day.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.56 percent.

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