Stocks End Lower as Bond Yields Rise
Stocks fell for a fourth successive trading session on Monday on the back of rising treasury yields. Bond yields have been rising amid concerns that the Federal Reserve might start to ease its bond purchase program soon.
The Dow Jones ended the day 0.47% lower at 15,010.74, the S&P 500 ended the day 0.59% lower at 1,646.06, and the Nasdaq ended the day 0.38% lower at 3,589.09.
All sectors in the S&P 500 except Healthcare ended the day in red. Telecom was the worst performer, ending the day 4.11% lower. Energy sector fell 1.33%, while Financials fell 1.21%. Basic Materials sector ended the day 0.97% lower. Healthcare sector ended the day 0.01% higher.
Among the major movers in trading on Monday were MannKind Corporation (NASDAQ: MNKD), which ended the day 10.40% higher at $6.37, GTx Inc. (NASDAQ: GTXI), which ended the day 65.54% lower at $1.43, Urban Outfitters Inc. (NASDAQ: URBN), which ended the day 0.45% higher at $39.92, Cobalt International Energy Inc. (NYSE: CIE), which ended the day 15.22% lower at $24.90, and JP Morgan Chase & Co. (NYSE: JPM), which ended the day 2.74% lower at $51.83.
European markets ended mostly lower on Monday, with the FTSE 100 Index in London closing 0.53% lower, and the CAC 40 Index in Paris closing 0.97% lower. Asian markets ended on a mixed note overnight, with the Nikkei 225 Index in Japan closing 0.79% higher, and the Hang Seng Index in Hong Kong closing 0.24% lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |