Wall Street Backs Away from Record Highs As Energy Shares Tumble
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iStock/Thinkstock(NEW YORK) — The markets backed away from record highs to start off the trading week.
The Dow Jones Industrial Average finished the session on Monday at 18,116.84, down 23.60 from its open.
The Nasdaq, however, finished up 5.01 to close at 4,960.97. The S&P 500 fell by 0.64 points to close at 2,109.66.
Energy shares were among the biggest decliners on Monday, as the price of oil fell below $50 a barrel.
The world’s most valuable company, Apple, is now worth twice as much as the second-most valuable company, Exxon Mobile. Based on their stock, Apple is now worth about $770 billion.
Existing home sales plunged to the slowest pace in nine months. Sales tumbled 4.9 percent last month, part of which is due to winter weather in January, according to analysts.
Fewer properties are being listed for sale, and would-be buyers have been holding off on purchases.
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