Wed, 11 Aug 2021

NEW YORK, New York - U.S. stocks wavered on Monday, one trading day after the Dow Jones industrials and Standard and Poor's 500 hit all-time highs.

A sharp fall in the price of gold, coupled with a 4 percent drop in oil prices added to growing concerns about rapidly rising cases of the Covid-19 Delta variant.

"Covid is weighing heavily on the financial markets," Jim Paulsen, chief investment strategist at the Leuthold Group told CNBC Monday. "The surge in cases continues to pressure the cyclical parts of the stock market the most including cyclical sectors like energy and industrials and small-cap stocks."

Energy stocks took the brunt of the selling, while travel-rated shares, particularly those connected to airline and accommodation hotel companies dived.

The Dow Jones industrials retreated 106.66 points or 0.30 percent from Friday's record high, to close Monday at 35,101.85.

The Standard and Poor's 500 dipped 4.17 points or 0.09 percent to 4,432.35.

The Nasdaq Composite gained 24.42 points or 0.16 percent to 14,860.18.

The U.S. dollar firmed on lower gold and oil prices. The euro slumped to 1.1738 approaching the New York close Monday. The British pound slid to 1.3852. The Japanese yen declined to 110.31. The Swiss franc was sharply lower at 0.9204.

The Canadian dollar fell to 1.2576. The Australian dollar crumbled to 0.7332, while the New Zealand dollar softened to 0.6993.

In Europe, the German Dax dipped 0.10 percent Monday. The Paris-based. CAC 40 was off 0.06 percent.

London's FTSE 100 added 0.13 percent.

On Asian markets, in China, the Shanghai Composite strengthened by 36.41 points or 1.05 percent to 3,494.63.

The Australian All Ordinaries dipped 2.20 points or 0.03 percent to 7,804.30.

In South Korea, the Kospi Composite index declined 9.94 points or 0.30 percent to 3,260.42.

Hong Kong's Hang Seng closed 96.24 points or 0.37 percent higher at 26,275.64.

Markets in Japan and Singapore marked a three-day public holiday weekend and did not trade.

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