NEW YORK (AFP) – The rally on Wall Street ran out of steam Monday as the Dow snapped a three-day streak of records and the Nasdaq tumbled on weakness in technology shares.
The Dow ended down slightly after topping 35,000 points for the first time earlier in the session. The Nasdaq turned in another weak performance as investors rotate out of technology names to companies more connected to the economic recovery.
US stocks had risen on Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery.
The topsy-turvy session marked a choppy open to a week that includes upcoming retail sales and consumer price data seen as influential in shaping expectations for US monetary policy.
Industrial names such as Caterpillar and 3M still mustered solid gains, but large tech names like Amazon and Facebook sank.
”It really is kind of a tale of two cities if you will,” said JJ Kinahan of TD Ameritrade.