In a widespread retreat from the global equities market, stocks on Wall Street fell once again in a continuation of Friday’s decline.
U.S. Treasury yields declined by 3 basis points from late Friday while pricing moved up by 9/32. Five-year notes were 5/32 higher, with a yield of 1.668 percent, down by 4 basis points from Friday.
After an announcement by the European Central Bank tabling expectations of further economic stimuli in the Euro Zone, the Euro gained over the greenback, causing the dollar to decrease in value, once again.
Dramatic drops in price were seen in Internet stocks, with the Nasdaq experiencing a three-day decline not seen since November 2011. The S&P 500 had its steepest three-day fall since late January.
Equities investors fear the declines may run on, remaining unnamed to prevent further losses on investments.
Senior technical strategist at Schaeffer’s Investment Research in Cincinnati, Ohio, Ryan Detrick adds, “The big concern is the overall underlying weakness in so many different stocks. The picture isn’t nearly as pretty when you look under the hood, and you see various sectors have clearly broken down, and now it’s starting to pull down on the whole entire stock market.”
Japan’s Nikkei .N225 fell 1.2 percent Monday on the global market, while top European shares on FTSEurofirst 300 .FTEU3 index fell 1.2 percent at 1,336.11, down from a 5-1/2-year high on Friday.
Britain’s top equity index, the blue-chip FTSE 100 index .FTSE, experienced a record one-day decline within a month, after a three-week high, weighed down by a drop in housing new starts.
The MSCI world equity index .MIWD00000PUS fell 0.87 percent.
Over the past three weeks, world equity markets had gains as tension was dispelled in the Crimea region of Ukraine.
“Markets are overbought over the short term. We have seen a decent run after the Crimean situation cool down a little bit and now it’s quite natural to see a breather from that level,” said Gerhard Schwarz, head of equity strategy at Baader Bank.