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Many analysts are viewing the recent pullback in the stock market as a short-term dip ahead of the second-quarter earnings season, which begins in earnest in July. Mr. Yardeni pointed out that with recent estimates of year-over-year earnings averaging about 4 percent, financial results could easily beat expectations as they did in the first quarter.

“We go through these little panic attacks in the market — we had one last year in May and June, we had one this year in March, we may be in the midst of one now. Often these panic attacks turn out to be buying opportunities,” Mr. Yardeni said.

The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude futures fell 62 cents to $65.35 a barrel on the New York Mercantile Exchange.