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Tuesday, 18 May 2021 10:37 GMT

Indexes Retreat from Last Week's Highs


(MENAFN - Baystreet.ca) U.S. stocks slipped from record levels to start the week on Monday as the weakness in the technology sector weighed on the broader market.
The Dow Jones Industrials trailed off 123.04 points from Friday's dizzy heights to close Monday at 34,077.63,
The S&P 500 subtracted 22.21 points from Friday's all-time record to 4,163.26.
The NASDAQ Composite faded 137.58 points, or nearly 1%, to 13,914.76.
Bitcoin was slammed over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics. At one point, it was down 19% from that record over the weekend before stabilizing. The cryptocurrency was last at $55,866 on Monday.
Tesla, a holder of bitcoin, fell more than 3%. Coinbase, a cryptocurrency trading platform that made its public debut last week, dropped 2.6%.
Coca-Cola shares rose 0.6% after the consumer giant reported better-than-expected earnings and revenue. The company also said demand in March has returned to pre-pandemic levels.
UBS on Friday lifted its S&P 500 forecast for the year amid recent data signaling a strong economic recovery. The firm now envisions the S&P 500 ending 2021 at 4,400, which is roughly 5% above where the benchmark index closed on Friday.
On the coronavirus front, White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration asked states last week to temporarily halt using the single dose vaccine 'out of an abundance of caution' after six women developed a rare blood-clotting disorder.
Prices for 10-Year Treasurys fell a bit, raising yields to 1.61% from Friday's 1.60%. Treasury prices and yields move in opposite directions.
Oil prices regained 30 cents to $63.43 U.S. a barrel.
Gold prices skidded $9.50 to $1,770.700 U.S. an ounce.



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