US stocks fall, “no longer in a bull market”

Markets were mostly lower on Wednesday.

The S&P 500 fell 0.7 percent and the Nikkei 225 fell 0.6 percent. The STOXX Europe 600 was flat while the Shanghai Composite jumped 1.6 percent.

“Investors are recognizing that the market has risen dramatically since Christmas Eve, and they are using this opportunity to rebalance their portfolios,” said Michael Reynolds, an investment strategy analyst at Glenmede.

Some investors celebrated the bull market's tenth anniversary on Wednesday, noting that the S&P 500 dropped to 666 in intraday trading ten years ago, from which the current bull market started.

However, Steven Jon Kaplan of True Contrarian said this is a “fake” anniversary. “We are no longer in a bull market, we peaked last summer,” he said.