The US markets retreated on Monday, led by financials and commodities, as the dollar rebounded. Financials were the day’s biggest decliner after Rochdale Securities analyst Richard Bove downgraded three of the industry’s bigger names- Suntrust, Fifth Third Bancorp, and US Bancorp.
The Dow Jones dropped 104.22 points, or 1.05%, to 9,867.96. The S&P 500 Index shed 12.65 points, or 1.17%, to 1,066.95. The Nasdaq Composite Index fell 12.62 points, or 0.59%, to 2,141.85.
The CBOE volatility index meanwhile, jumped more than 9% to over 24, its biggest one-day jump in two years.
The dollar gained against major currencies in what some analysts said was a technical rebound. The dollex also is now hovering around the USD 76 mark.
Oil fell more than 2% as the dollar advanced from a 14-month low against the euro, reducing the appeal of commodities.
Related posts: