U.S. stocks close lower as latest rally fizzles


U.S. stocks closed lower on Monday as a strong batch of durable-goods data appeared to contradict signs of a slowing economy. The Dow Jones Industrial Average DJIA, -0.20% closed 61.10 points, or 0.2%, lower at 31,439.50. The S&P 500 SPX, -0.30% shed 11.39 points, or 0.3%, to 3,900.35. The Nasdaq Composite COMP, -0.72% dropped 101.10 points, or 0.9%, to 11,506.50. Treasury yields climbed on Monday, as did the U.S. crude-oil benchmark, reversing some of the moves that had helped spark last week’s bear-market rally in stocks. “Falling yields and lower oil prices have lowered the terminal rate for the Fed. Whether this is bullish or bearish depends on one’s interpretation. Last week, the market took the bullish view which may last a few more weeks before the reality of lower earnings arrives and the bear market resumes,” said Michael Wilson, chief U.S. equity strategist and chief investment officer at Morgan Stanley, in a note to clients. Meanwhile, small-cap stocks outperformed on Monday, with the Russell 2000 RUT, +0.34% gaining 9.78 points, or 0.6%, to 1775.50.

This article was originally published by Marketwatch.com. Read the original article here.

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