World shares dip after hitting record highs; U.S. yields rise

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An index of stocks across the world dipped, on track to end Monday with the largest daily drop in almost four weeks, after touching a record high and investors looking for earnings to justify the high valuations.

The U.S. dollar index touched a more than 6-week low and Treasury yields edged up after posting on Friday their largest weekly drop since June and oil prices slipped on concerns over rising coronavirus cases globally.

On Wall Street indexes fell, with the Nasdaq (.IXIC) being the biggest decliner. Tesla Inc (TSLA.O) shares fell following a fatal crash involving one of its cars.

The Dow Jones Industrial Average (.DJI) fell 160.74 points, or 0.47%, to 34,039.93, the S&P 500 (.SPX) lost 28.8 points, or 0.69%, to 4,156.67 and the Nasdaq Composite (.IXIC) dropped 165.89 points, or 1.18%, to 13,886.46.

“The market has had a huge jump to the upside so it needs to take a little bit of rest,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

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