Democratic U.S. senators’ deal to regulate derivative trading makes markets to fall flat on Monday
After Democratic U. S. senators reached a deal to regulate derivative trading, some financial firms took a hit on the New York Stock Exchange on Monday.
The deal, if approved, would force banks to spin off their swap desks or forfeit discount government loans at the Federal Reserve.
It was also reported that facing a revenue loss, banks as a group fell 2.45 percent. Citigroup Inc. was among the losers. The bank's stock fell 5.14 percent, after the Treasury Department said it would divest itself of 1.5 billion Citigroup shares.
The Dow Jones industrial average, by close, added 0.01 percent, 0.75 points, to 11,205.03. The Standard & Poor's 500 lost 0.43 percent, 5.23, to 1,212.05. The Nasdaq composite index lost 0.28 percent, 7.20, to 2,522.95.
1,429 stocks advanced and 1,616 declined on a volume of 5.6 billion shares traded, on the New York Stock Exchange.
The benchmark 10-year Treasury note rose 2/32 to yield 3.809.
From Friday's $1.3325, the euro rose to $1.3401. Against the yen, the dollar fell to 93.956 yen from Friday's 94.03 yen. (With Inputs from Agencies)