Wall Street Market Report

(Close): Major US stock markets closed lower on Monday as investors took profit after last week's gains.

On Thursday the Dow Jones had risen by 92.02 points to break through the 17,000 mark, and closed at 17,068.26.

On Monday, after closing for Independence Day on Friday, the Dow closed down by 44 points, or 0.3%, at 17,024.

The S&P 500 fell 7.79 points or 0.39% to 1,977.65, while the Nasdaq dropped 34.4 points, or 0.77% to 4,451.53.

"We've had a good run here," said Art Hogan, chief market strategist at Wunderlich Securities.

"When we reach these milestones, we tend to spend a little while consolidating around them."

Earlier German industrial production figures showed the biggest drop in more than two years - much to the surprise of most investors. That added to the selling sentiment.