Stock market slides for 3rd straight day; Dow industrials below 16,000

The stock market is down for a third consecutive day, the first time that has happened since late September.

The Dow Jones industrial average slid below 16,000 early Tuesday, in part as portfolio managers appeared to lighten their holdings to lock in annual gains.

As of 9:40 a.m. PST, the Dow was off 100.05 points, or 0.6%, to 15,908.72. The Standard & Poor’s 500 dipped below 1,800, sagging 7.17 points, or 0.4%, to 1,793.73.

The mini-selloff comes on the heels of a vibrant rally that had carried stocks up more than 1,000 points since early October.

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Some market watchers have lately begun urging investors to exercise caution as share prices soared.

Strong manufacturing data released Monday raised the prospect that the Federal Reserve could begin to taper its economic-stimulus campaign sooner than expected.

That is viewed as a mixed blessing on Wall Street. It shows the economy may be strengthening enough to stand on its own. But there is concern that the economy and stock market could falter if the central bank pulls back.

Though retail sales numbers on Cyber Monday were good, the results from the Black Friday weekend were modest at best.

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Twitter: @LATwalter