Stock Market Today: S&P 500, Dow Close Lower as Oil Prices Rally

 Stock Market Today: S&P 500, Dow Close Lower as Oil Prices Rally

The U.S. stock market fell on Monday, as higher commodity prices and bond yields weighed on stocks. Merck & Co. (MRK) also submitted its request to the Food and Drug Administration for emergency use authorization for a Covid-19 pill.  

The


Dow Jones Industrial Average

dropped 249 points, or 0.7%. The


S&P 500

fell 0.7% and the


Nasdaq Composite

declined 0.6%. All three indexes had wavered between gains and losses throughout the day, as traders weighed the extent of the commodity rally against the positive Covid news. 

Overall, “the move higher in global interest rates and commodity prices continues to be the focal point,” writes Michael Reinking, senior market strategist at New York Stock Exchange. “In the US, fixed income markets are closed today but global rates have continued to march higher.”

The market’s indecisiveness also caused the CBOE…

Read full article…www.barrons.com