WASHINGTON (dpa-AFX) - Stocks showed a strong move to the upside in early trading on Monday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session and into negative territory.
The major averages all finished the day in the red. The Dow slid 307.16 points or 0.6 percent to 51,839.26, the S&P 500 dipped 14.41 points or 0.2 percent to 7,443.28 and the Nasdaq edged down 12.17 points or 0.1 percent to 25,508.07.
The early strength on Wall Street came as traders looked up to pick up stocks at relatively reduced levels following the notable pullback seen over the two previous sessions.
Buying interest waned over the course of the session, however, as concerns the escalating conflict between the U.S. and Iran led to a surge by treasury yields and worries about the outlook for interest rates.
The interest rate concerns led to considerable weakness among housing stocks, as reflected by the 2.3 percent slump by the Philadelphia Housing Sector Index.
Pharmaceutical stocks also came under pressure over the course of the session, dragging the NYSE Arca Pharmaceutical Index down by 2 percent.
Biotechnology, transportation and health care stocks also notable weakness, while software stocks turned in a strong performance on the day.
In U.S. economic news, the Conference Board released a report showing a modest decline by its reading on leading U.S. economic indicators in the month of June.
The Conference Board said its leading economic index dipped by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected the index to edge down by 0.1 percent.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with the Japanese markets closed for a holiday. Hong Kong's Hang Seng Index surged by 2.4 percent, while South Korea's Kospi plummeted by 4.5 percent.
The major European markets also ended the day. While the U.K.'s FTSE 100 Index slid 0.7 percent, the French CAC 40 Index are closed just above the unchanged line and the German DAX Index inched up by 0.1 percent.
In the bond market, treasuries showed a significant move to the downside on the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, surged 5.7 basis points to 4.598 percent.
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