Dow Jones and Standard and Poor's 500 finish at new highs

NEW YORK, New York – U.S. stocks were mixed on Monday as inflation gained steam, the Delta variant continued its rapid spread, and disappointing economic data out of China weighed.

Despite this, both the Dow Jones industrials and the Standard and Poor’s 500 closed at new record highs.

“These are the dog days of August, and low volume and directionless volatility are the order of the moment with 2Q21 earnings season mostly behind us,” Raymond James’ Tavis McCourt said in a note, as reported by CNBC.

The Dow Jones cruised up an additional 100.37 points or 0.28 percent Monday, pushing the benchmark index above 35,600 for the first time ever. The Dow Jones closed at 35,615,75.

The Standard and Poor’s 500 added 10.40 points or 0.23 percent to a new closing high of 4,478.40.

The Nasdaq Composite, going against the trend, slipped 34.44 points or 0.23 percent to 14,788.46.

The U.S. dollar was mixed. After pushing higher in Asia, the euro retreated to finish approaching the New York close Monday at around 1.1778. The British pound drifted down to 1.3840. The Japanese yen was stronger, rising to 109.23. The Swiss franc too firmed, to 0.9121.

The Canadian dollar fell sharply to 1.2568. The Australian and New Zealand dollars were little chan ged at 0.7339 and 0.7022 respectively.

Elsewhere around the globe, equity markets traded lower. In London, the FTSE 100 declined 0.90 percent. The CAC 40 in Paris, France, dropped 0.83 percent. The Dax in Germany was off 0.32 percent.

On Asian markets, in Japan, the Nikkei 225 shed 453.96 points or 1.62 percent to 27,523.19.

The Australian All Ordinaries gave up 48.10 points or 0.61 percent to 7,849.60 after the Greater Darwin and Katherine area of the Northern Territory went into lockdown Monday, joining New South Wales, the ACT, and Greater Melbourne. Melbourne, Australia’s second-largest city has broadened, and extended its shutdown, and imposed a curfew which comes into effect from midnight. The population of the city is already under orders to stay home, while hotels and other accommodation properties have now been ordered to stop taking bookings.

China’s Shanghai Composite was flat the close on Monday, up 1.05 points or 0.03 percent at 3,517.34.

In Hong Kong, the Hang Seng dropped 210.16 points or 0.80 percent to close Monday at 26,181.46.

(File photo. Credit” Courtney Crow | NYSE).