After showing a lack of direction throughout much of the session, stocks ended Monday's trading modestly lower. The slightly lower close on the day partly offset the strength that was seen in the markets last week.
Despite the lack of direction shown by the broader markets, gold stocks moved sharply higher over the course of the session. The NYSE Arca Gold Bugs Index surged up by 6 percent, bouncing well off its worst closing level in well over four years.
The rebound by gold stocks came amid a notable turnaround by the price of the precious metal, with gold for June delivery climbing $19.40 to $1,384.10 an ounce after hitting a low of $1,336.30 an ounce.
Steel and natural gas stocks also saw considerable strength, driving the NYSE Arca Steel Index and the NYSE Arca Natural Gas Index up by 1.6 percent and 1.7 percent, respectively.
Meanwhile, health insurance stocks came under pressure, resulting in a 1.2 percent drop by the Morgan Stanley Healthcare Payor Index. Centene (CNC) helped to lead the sector lower, falling by 2.6 percent.
Housing, airline, and telecom stocks also saw some weakness on the day, contributing to the lower close by the broader markets.
The major averages ended the day below the unchanged line but off their lows for the session. The Dow dipped 19.12 points or 0.1 percent to 15,335.28, the Nasdaq edged down 2.53 points or 0.1 percent to 3,496.43 and the S&P 500 slipped 1.18 points or 0.1 percent to 1,666.29.
For comments and feedback: editorial@rttnews.com