(By Salman - iStockAnalyst Writer)US stocks finished lower on Monday as a strengthening dollar pressurized oil prices and commodity shares. Shares also came under pressure amid selloff in banking stocks.
The Dow Jones Industrial Average dropped 104.22 points or 1.05% to finish at 9,867.96. The S&P 500 declined 12.65 points or 1.17% to end at 1,066.95. The Nasdaq Composite retreated 12.62 points or 0.59% to 2,141.85.
US dollar gathered strength throughout the day, thus pressurizing oil prices and commodity shares. Earlier, the greenback hit a 14-month low of $1.5064 against euro.
Shares of financials plummeted. Bank of America Corp. (NYSE:
BAC) plunged 74 cents or 4.56% to $15.48. JP Morgan & Chase & Co. (NYSE:
JPM) lost $1.24 or 2.74% to $43.99. Citigroup (
C) slid 19 cents or 4.26% to $4.27.
Airplane maker Boeing Co. (NYSE:
BA) plummeted $1.43 or 2.87% to close at $48.46.
Alcoa Inc. (NYSE:
AA), the largest US aluminum maker, slumped 39 cents or 2.84% to $13.34.
Among energy stocks, Chevron Corp. (NYSE:
CVX) dropped $1.15 or 1.50% to end at $75.53.
Shares of Microsoft Corporation (NASDAQ:
MSFT) rallied 75 cents or 2.68% to $28.77.
Early on Monday, Verizon Communications Inc. (NYSE:
VZ) announced that its third quarter net income fell to $2.89 billion, or 41 cents a share, from $3.20 billion, or 59 cents a share, in the prior year quarter. On an adjusted basis, the company earned 60 cents a share. Revenue increased 10.2% to $27.27 billion. Shares of Verizon fell 21 cents or 0.73% to $28.64.
US microchip designer Marvell Technology Group Ltd. (NASDAQ:
MRVL) on Monday raised its third quarter revenue guidance. The company said it now expects fiscal 2010 third-quarter revenue of $760 million to $775 million, citing "broad improvement in demand within multiple end markets." It previously had estimated $680 million to $730 million. Shares rallied 41 cents or 2.81% to $14.99.
RadioShack Corp. (NYSE:
RSH) soared $2.49 or 15.90% to $18.15 after it reported Monday that its third-quarter net income slipped to $37.4 million, or 30 cents a share, from $49.1 million, or 38 cents, in the comparable quarter last year. Quarterly revenue dropped to $990 million from the prior year's $1.022 billion, as same-store sales decreased 2.9%.
Mosaic Co. (NYSE:
MOS) announced Monday that it will pay a special dividend of $1.30 a share on Dec. 3 to shareholders of record as of Nov. 12.Shares of fertilizer giant lost $1.91 or 3.69% to close at $49.88.
Meanwhile, commercial real estate firm Capmark Financial filed for bankruptcy protection Sunday.
European stocks settled down. The UK FTSE lost 50.83 points or 0.97% to 5,191.74. The German DAX and French CAC decreased 1.71% and 1.68% respectively.
Asian stocks finished up. The Nikkei 225 rose 15.82 points or 0.15% to $10,282.99. The Hang Seng index of Hong Kong jumped 379.21 points or 1.71% to 22,589.73.
NYMEX crude oil for December delivery declined $1.87 or 2.3% to settle at $78.63 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
