Dow Jones drops 124 points as Wall Street attempts recovery

This post was originally published on this site

NEW YORK, New York – U.S. stocks see-sawed on Monday, following Friday’s rout, which saw the Dow Jones lose 1,008 points.

On Monday, the Dow fell more than 300 points but recovered towards the end to finish with a more modest deficit.

“While the aggressive and unrelenting selling from Friday is abating, there isn’t much genuine buy demand, even the bulls want to get through some of this week’s major macro events on Wednesday, and the U.S. jobs report on Friday before stepping back in on the long side,” CNBC reported Adam Crisafulli of Vital Knowledge as saying in a note to clients. “The late-summer attendance/volume conditions make the environment even more treacherous than normal, while September’s horrible seasonals are just one more factor keeping people on edge.”

Technology stocks fared worst Monday, with the Nasdaq Composite shedding 124.04 points or 1.02 percent to 12,017.67.

The Dow Jones industrials ended with a loss of 184.41 points or 0.57 percent at 32,098.99.

The Standard and Poor’s 500 retreated 27.05 points or 0.67 percent to 4,030.61.

The U.S. dollar was mixed on Monday. The euro dropped sharply in Asia but recovered towards the New York close, finishing at around 0.9995. The Swiss franc was little changed from its lows in Asia, at around 0.9686. The British pound trimmed losses but still closed well down at 1.1703. The Japanese yen was well out of favor at 138.74.

The Australian dollar was in demand at 0.6898. The New Zealand dollar came off earlier lows to trade at 0.6150 as traders in Auckland were arriving at their desks. The Canadian dollar trimmed earlier losses to close at around 1.3010.

On overseas equity markets, the CAC 40 in Paris, France, fell 0.83 percent. The Dax in Germany was down 0.61 percent. London’s FTSE 100 lost 0.70 percent,

In Japan Monday, the Nikkei 225 shed 762.42 points or 2.66 percent to 27,878.96.

The Australian All Ordinaries dropped 152.40 points or 2.07 percent to 7,193.40.

In New Zealand, the S&P/NZX 50 was down 101.35 points or 0.87 percent at 11,506.94.

South Korea’s Kospi Composite sank 54.14 points or 2.18 percent to 2,426.89.

The Hang Seng in Hong Kong let go 146.82 points or 0.73 percent to close Monday at 20,023.22..

Only the Shanghai Composite in mainland China closed in positive territory, albeit by 4.50 points or 0.14 percent. The benchmark index closed at v3,240.73.