NEW YORK, New York – After five consecutive weeks of losses, American stock markets began the new week Monday, with more losses.
Despite broad bearish sentiment, “we see volatility moderating and expect strong equity inflows from systematic investors (e.g. risk parity, volatility targeting), as well as corporate buybacks that are increasing after recent earnings-related blackout periods,” JP Morgan analysts said in a market note, as quoted by Reuters Monday.
The Dow Jones industrials however finished flat, ahead just 1.39 points at 35,091.13.
The Nasdaq Composite lost 82.34 points or 0.58 percent to 14,015.67.
The Standard and Poor’s 500 slipped 16.67 points or 0.37 percent to 4,483.86.
The U.S. dollar drifted lower Monday. The euro traded in a tight range around 1.1440, consolidating recent gains. The British pound edged up to 1.3530 approaching the New York close Monday. The Japanese yen firmed to 115.08. The Swiss franc was a tad stronger at 0.9234.
The Canadian dollar rose to 1.2671. The Australian dollar drifted down to 07121. The New Zealand dollar was slightly firmer at 0.6631.
On overseas markets, the Dax in Germany advanced 0.71 percent. The Paris-based CAC 40 surged 0.83 percent. London’s FTSE 100 rose 0.76 percent.
Stocks in Asia made modest losses on Monday. China’s mainland markets however jumped sharply after returning from a week’s holiday for Chinese New Year.
The Shanghai Composite gained 68.14 points or 2.05 percent to 3,429.58.
In Australia, the All Ordinaries dipped 4.70 points or 0.06 percent to close Monday at 7,414.20.
Tokyo’s Nikkei 225 shed 191.12 points or 0.70 percent to 27,248.87.
In Hong Kong, the Hang Seng after being in the red most of the day eked out a 6.26 points or 0.03 percent gain to 24,379.55.
