Dow, S&P Retreat from Record Highs


The Dow Jones Industrial Average retreated Monday as traders took a breather from a rally that brought the major U.S. stock benchmarks to record highs.

The 30-stock index lost 79.51 points to move into noon hour Monday at 39,007.87.

The S&P 500 inched down 2.57 points to 5,134.51.

The NASDAQ faded 43.28 points to 16,231.67.

Apple fell more than 2% after getting hit with a European Union antitrust fine of nearly $2 billion. The EU’s executive arm said the technology giant misused its power as a market dominator in the music streaming distribution space.

Lyft shares climbed around 5% on the back of an upgrade to outperform from sector perform by RBC. Super Micro Computer hiked 25%, and Deckers Outdoor rallied more than 2%, following the S&P Dow Jones Indices announcement that the pair will join the S&P 500 later this month.

JetBlue rose more than 1%, while Spirit Airlines tumbled more than 14%. The airlines said Monday that they would end plans to combine, weeks after losing a federal antitrust lawsuit that jeopardized the $3.8-billion deal.

Prices for the 10-year Treasury stumbled, raising yields to 4.23% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices dropped 92 cents to $79.05 U.S. a barrel.

Gold prices surged $31.90 to $2,127.60.



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