US stocks decline after rallying throughout November
US stocks slipped on Monday as investors took profits after the market hit record highs in a rally that lasted for three straight weeks. The dollar fell: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.3% lower at 101.154. The Dow Jones industrial average fell 0.28% to 19097.9, led by Visa and Johnson & Johnson shares. The S&P 500 lost 0.53% settling at 2201.72 with financial stocks leading the decliners while defensive stocks such as utilities and telecoms outperformed. The Nasdaq index dropped 0.56% to 5368.81.
Political uncertainty and lower oil weigh on European stocks
European stocks fell on Monday as lower oil prices weighed on energy stocks and investors worried about political uncertainties in France and Italy. The euro rose against the dollar while the British Pound fell. The Stoxx Europe 600 index fell 1% to 339.19. The DAX 30 declined 0.9% to 10597.92, France’s CAC 40 lost 1% and UK’s FTSE 100 closed 1% lower to 6773.73.
Asian stocks follow Wall Street’s lead
Asian stocks are retreating today following the pullback on Wall Street overnight. Nikkei ended 0.27% lower at 18307.04 today despite the yen decline against the dollar. The Shanghai Composite Index is 0.19% higher and Hong Kong’s Hang Seng index is down 0.25% as Chinese state-owned banks sold dollars in the onshore foreign exchange market for a second straight day to support the yuan. Australia’s All Ordinaries Index edged 0.22% lower with Australian dollar weakening against the dollar.
Oil prices fall on doubts OPEC will agree to output cuts
Oil futures prices are falling today after rising on Monday on hopes the Organization of the Petroleum Exporting Countries could agree this week on a plan to curb crude output. Oil prices ended higher yesterday despite a failure by OPEC experts to arrive at an agreement on concrete plans for oil output cuts by individual countries to be presented to an OPEC meeting tomorrow. January Brent crude rose 2.1% to $48.24 a barrel on London’s ICE Futures exchange on Monday.