Stocks turned in a relatively lackluster performance during trading on Monday, eventually ending the session mostly lower. The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets following recent strength.
While most of the major sectors ended the session showing only modest moves, considerable weakness was visible among steel stocks. The NYSE Arca Steel Index fell by 1.4 percent after ending the previous session at a nearly three-month closing high.
Schnitzer Steel (SCHN) turned in one of the steel sector's worst performances, falling by 7.7 percent after Bank of America downgraded its rating on the stock to Underperform from Neutral.
Gold stocks also came under pressure over the course of the session, moving lower along with the price of the precious metal. With gold for December delivery sliding $10.20 to $1,612.60 an ounce, the NYSE Arca Gold Bugs Index dropped by 1.3 percent.
Natural gas, oil service, and health insurance stocks also saw notable weakness on the day, while modest strength was visible among airline stocks.
After coming under pressure in morning trading, the major averages rebounded in the afternoon, finishing the day mixed. While the Nasdaq edged up 1.66 points or 0.1 percent to 3,022.52, the Dow fell 38.52 points or 0.3 percent to 13,169.43 and the S&P 500 dipped 1.76 points or 0.1 percent to 1,404.11.
by RTT Staff Writer
For comments and feedback: email@example.com