U.S. stocks closed lower on Monday as investors looked ahead to a light week of economic reports amid some consolidation in currency and oil prices.
“Right now the stock market is very hinged into how the dollar trades,” said Robert Pavlik, chief market strategist at Boston Private Wealth. He noted that anytime the dollar drops, markets tend to gain. “That will key into (markets) until we get better economic reports.”
The U.S. dollar fell about 1.5 percent against major world currencies, as the euro edged higher to trade near $1.09. The U.S. 10-year Treasury yield traded near 1.91 percent. Oil futures settles up 88 cents, at $47.45 a barrel, after touching a session low of $42.75 earlier.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.