By Ryan Vlastelica
NEW YORK (Reuters) - U.S. stocks pulled back from strong recent gains on Monday as renewed concerns about the euro zone sovereign debt crisis overshadowed the lift from several large acquisitions.
Pressure grew on Portugal to seek financial help from the European Union and International Monetary Fund, though the European Commission on Monday denied that discussions were underway on an EU/IMF bailout.
Duke Energy Corp
Shares of Progress slid 1.4 percent to $44.06, and Duke fell 1.2 percent to $17.57. DuPont, a Dow component, fell 4.4 percent to $47.56.
"Despite the very positive merger activity, which is one more indication that companies view other companies as undervalued, the market is suffering overall because it is being reminded that the European debt situation is not behind us," said Michael Holland, who oversees more than $4 billion as chairman of Holland & Co in New York.
Markets advanced recently ahead of the upcoming earnings season. Last week the Dow and S&P notched a sixth straight week of gains, while the Nasdaq rose 1.9 percent.
The Dow Jones industrial average <.DJI> was down 61.38 points, or 0.53 percent, at 11,613.38. The Standard & Poor's 500 Index <.SPX> was down 6.72 points, or 0.53 percent, at 1,264.78. The Nasdaq Composite Index <.IXIC> was down 16.91 points, or 0.63 percent, at 2,686.26.
Alcoa Inc
(Editing by Padraic Cassidy)
