(MENAFN- AFP) US stock retreated from record highs in early trade Monday ahead of Federal Reserve Chair Janet Yellen's update of US monetary policy in Congress this week.
About 35 minutes into trade, the Dow Jones Industrial Average was at 18,089.45, down 50.99 points (0.28 percent).
The broad-based S&P 500 fell 4.47 (0.21 percent) to 2,105.83, while the tech-rich Nasdaq composite Index dipped 6.50 (0.13 percent) to 4,949.46.
Both the Dow and S&P 500 finished at record highs Friday.
Yellen appears Tuesday and Wednesday for twice-yearly Capitol Hill hearings that will offer the Fed its first major forum since minutes from the central bank's last meeting suggested the Fed was dovish about lifting interest rates.
Greece, meanwhile, faced a deadline Monday to deliver reform proposals in exchange for a four-month extension of its European Union bailout program.
Canadian company Valeant Pharmaceuticals International jumped 14.0 percent after announcing it would acquire US company Salix Pharmaceuticals in a deal valued at $14.5 billion. Salix, which is known for its treatments of gastrointestinal maladies, fell 1.0 percent.
Pay-television company Dish Network rose 1.8 percent after announcing that Dish co-founder and chairman Charles Argen will take over as president and chief executive following the retirement of Joseph Clayton. The company said earnings for 2014 climbed 17 percent to $945 million.
Dow member Boeing tumbled 2.5 percent after it was downgraded by Goldman Sachs.
Dow member Goldman Sachs fell 1.2 percent after it raised its estimate for possible legal losses to $3 billion from $2.5 billion previously. Other banks also fell, including JPMorgan Chase (-1.1 percent) and Citigroup (-1.6 percent).
Bond prices rose. The yield on the 10-year US Treasury fell to 2.10 percent from 2.12 percent Friday, while the 30-year declined to 2.67 percent from 2.72 percent. Bond prices and yields move inversely.
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