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Markets anemic Monday
U.S. stock markets opened with modest losses Monday, with investors adjusting their positions after a wave of policy-stoked optimism.
In recent weeks, the European Central Bank, the U.S. Federal Reserve and the Bank of Japan announced bond-buying programs, which each gave markets a lift. In China, the government announced major infrastructure projects to provide stimulus to the economy.
At a new level, stocks now have to rely on their own merits.
In early afternoon trading, the Dow Jones industrial average shed 26.71 points, or 0.2 percent, to 13,52.76. The tech-dominated Nasdaq Composite index lost 24.44 points, or 0.77 percent, to 3,155.27. The Standard and Poor’s 500 gave up 4.88 points, 0.33 percent, to 1,455.27.
The benchmark 10-year treasury rose 11/32 to yield 1.717 percent.
The euro fell to $1.2924 from Friday’s $1.2981. The U.S. dollar fell to 77.87 yen from 78.15 yen.
In Tokyo, the Nikkei 225 index shed 0.45 percent, 40.71 points, to 9,069.29.
In London, the FTSE 100 index lost 0.24 percent, 13.78 points, to 5,838.84.
Copyright 2012 by United Press International