Rally Comes To A Halt; Dow Falls 247

The U.S. equity market fell on Monday after disappointing earnings from Wells Fargo WFC and cautious comments out of Germany on the long-term prognosis for the European debt crisis. The Dow Jones Industrial Average lost 247 points to close at 11,397. The widely watched blue-chip index traded in a range between 11,378 and 11,643. The SPDR S&P 500 ETF SPY lost 1.91% to $120.23. Volume was light with just 202.3 million SPY shares trading hands compared to a 3-month daily average of 309 million. The PowerShares QQQ Trust ETF QQQ, which tracks the performance of the Nasdaq 100, shed 1.55% to $57.28. Year-to-date, the QQQ is up 5.18%. Crude oil ended its recent rally, with NYMEX crude futures losing 0.66% to $86.23 on the session. ICE Brent futures fell 2.15% to $109.82 and the United States Oil Fund ETF USO lost 1.30% to $33.43. Gold also fell on reduced risk appetite. COMEX gold futures were lower by 0.65% to $1,672. The SPDR Gold Trust ETF GLD fell 0.48% to close the NYSE trading session at $162.62. COMEX silver futures lost 1.24% to $31.775 on the day. Treasuries rallied as money flowed into bonds and out of riskier assets. The iShares Barclays 20+ Year Treasury Bond ETF TLT climbed 1.73% to $115.92. The yield on the 10-Year note fell 9.3 basis points to 2.15%. The U.S. Dollar also benefited from safe-haven flows on Monday. The PowerShares DB US Dollar Index Bullish ETF UUP, which tracks the performance of the greenback versus a basket of foreign currencies, surged 0.65% to $21.79. The closely watched EUR/USD pair is currently trading at $1.3737.