NEW YORK, New York – U.S. stocks were solidly higher early on Monday, prior to profit-takers moving in and sending all the major indices into the red.
“Investors see the S&P 500 substantially off its all-time high and there’s no headline to scare them away from buying, so they’re buying like they usually do,” Mike Zigmont, head of research and trading at Harvest Volatility Management in New York told Reuters news agency Monday, prior to the sell-off.
“Today’s bullishness is more of a return to the investor habits that were established after the pandemic sell-off,” Zigmond said.
However, as the day wore on sellers forced their way to the front. In the end the Dow Jones closed down 250.19 points or 0.72 percent at 34,496.06.
The Nasdaq Composite shed 93.34 points or 0.64 percent to 14,486.20.
The Standard and Poor’s 500 dropped 30.15 points or 0.69 percent to 4,361.19.
The U.S. dollar was mostly stronger, particularly again the Japanese yen. The yen tumbled to 113.35 approaching the New York close Monday. The euro edged down to 1.1556. The British pound slipped to 1.3607. The Swiss franc was little changed at 0.9276.
The Canadian dollar inched down to 1.3484. The Australian dollar went against the trend, rising to 0.7348. The New Zealand dollar also had friends, edging up to 0.6940.
On overseas equity markets, the CAC 40 in Paris gained 0.16 percent Monday. The FTSE 100 in London rose 0.72 percent. The German Dax however dipped 0.05 percent.
On Asian markets, the Australian All Ordinaries was 16.20 points or 0.21 percent lighter at 7,601.10.
The Nikkei 225 in Japan was solidly higher, adding 449.26 points or 1.60 percent to close at 28,498.20.
China’s Shanghai Composite was flat, dipping just 0.46 of a point or 0.01 percent to 3,591.71.
The Hang Seng in Hong Kong advanced 487.24 points or 1.96 percent to 25,325.09.