Mid-Afternoon Market Update: Markets Turn Back as Momentum Stocks Drop
Toward the end of trading Monday, the Dow traded down 0.02 percent to 16,061.22 while the NASDAQ gained 0.01 percent to 3,991.52. The S&P also fell, dropping 0.19 percent to 1,801.77.
Wal-Mart appointed Doug McMillon, head of international operations, as its new president and CEO, effective February 1.
Yelp (NASDAQ: YELP) was also down, falling 6.64 percent to $58.24 as the market sold off a wide array of momentum stocks on Monday's session.
In commodity news, oil traded down 0.71 percent to $94.17, while gold traded up 0.43 percent to $1,249.60.
Silver traded up 0.90 percent Monday to $20.062, while copper rose 0.48 percent to $3.23.
European shares were mostly higher today. The Spanish Ibex Index rose 0.06 percent, while Italy's FTSE MIB Index declined 0.34 percent. Meanwhile, the German DAX surged 0.89 percent and the French CAC 40 jumped 0.55 percent while U.K. shares rose 0.34 percent.
The pending home sales index declined 0.6% to 102.1 in October.
The Dallas Fed general business activity index fell to 1.90 in November, versus a prior reading of 3.60. However, economists were expecting a reading of 5.00.
The Treasury is set to auction 2-year notes.
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