There are things that last only for a day.
As for the one of main benchmark in Wall Street in New York, the S&P 500, the index saw its previously-earned record high slipping on its own hand on Monday’s slightly volatile session as the prices of oil commodity were seen tumbling.
The S&P 500 bid an instant goodbye to its first best close in 2017 recorded last Friday when it surged 0.4%, or 7.98 points at 2276 level, with eight of its 11 main sectors ended in a bullish remark.
On Monday, the energy sector lost ground amid declines in oil prices, giving up 8.08 points, or 0.4% to finish at 2268, four points away from the impressive Friday close.
Oil futures started the week on the wrong foot as US West Texas Intermediate lost $2.03, or 3.8%, to close at $51.96 per barrel while the international benchmark, Brent crude futures, fell $.16, or 3.85%, to settle at $54.94 per barrel, amid the growing concerns over rising exports in Iraq and an increase in Us oil rig count.
This pushed the energy and utilities stocks in the S&P 500 index to give up 1.3%, contributing the largest loss for the benchmark in yesterday’s trading.
But despite the slow start on Monday, the index still has its best start since 2013, racking up 1.3% gain in its first five days. For the S&P, the last nine times it finished higher on its first five days, it also capped the full year surprisingly higher.