NEW YORK, Aug 20: US stocks Monday closed lower, continuing their downward trend on mediocre economic news and higher bond yields.
At the closing bell, the Dow Jones Industrial Average dropped 71.73 (0.48 per cent) to 15,009.74.
The broad-based S&P 500 lost 9.88 (0.60 percent) at 1,645.95, while the tech-rich Nasdaq Composite Index gave up 13.69 (0.38 per cent) at 3,589.09.
US stocks have fallen for two straight weeks on uninspiring economic data, disappointing retail earnings and higher bond yields due to the expectation that the Federal Reserve will soon taper its bond-buying programme.
There has been “nothing to really spur peoples’ mindsets from when they left Friday,” said Michael James, managing director of equity trading at Wedbush Securities, adding that light trading volumes accentuate movements.
“We had our worst week of the year last week and I think that sentiment is continuing into today with no real news or individual corporate actions.”
James said key data later this week from the US, China and the eurozone could spur a shift in the market’s thinking, as could new insights from the Federal Reserve meeting minutes Wednesday and the annual Fed gathering at the end of the week in Wyoming. (AGENCIES)
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