The Dow was down 24 points, and the Nasdaq was off 7 points in late afternoon trading, reversing moderate gains earlier in the day.

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But with the U.S. economy posting moderate, albeit not robust, economic growth, housing prices recovering and stock prices trading at levels generally deemed reasonable compared with earnings, any pullbacks in the market are expected to be short-lived.

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Vale said in a conference call with investors that it expects some European trading partners to potentially slide into a recession, but believed that while Chinese economic activity is set to moderate, they expect the property market to remain strong thanks to a low income housing build-out in the country, and further fiscal stimulus by the government.

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