NEW YORK (Reuters) – U.S. shares fell on Monday, having whip-sawed between gains and losses as soaring oil prices that hit multi-year peaks stoked fears about rising prices and tighter monetary policy, lifting the dollar to a near-three-year high against the yen. A rally in basic material and energy shares on higher oil prices initially lifted major U.S. stock indices. “We are gaining confidence in a sharper deceleration but the timing is more uncertain.”The Dow Jones Industrial Average lost 0.72%, the S&P 500 fell 0.69%, and the Nasdaq Composite dropped 0.64%. Oil prices, which had jumped on Monday on rebounding demand and cutbacks in supply, gave up some of their early gains but still ended the session higher. That helped basic materials and energy stocks in the S&P 500.
Source: MetroXpress October 11, 2021 08:37 UTC