NEW YORK, New York - U.S. stock markets were decisively mixed on Monday with the technology sector taking the brunt of the selling, while most of the buying was for Dow Jones stocks.
Rising interest rates, particularly among treasuries, are starting to fan fears of inflation.
"If rates are grinding higher because people are getting optimistic about what economic growth looks like, that is still supportive for equity prices," Tom Hainlin, global investment strategist at U.S. Bank Wealth Management's Ascent Private Wealth Group in Minneapolis told Reuters Thomson Monday.
"It is just if those rates start to get away from you on inflation expectations, then the multiples on stocks come down and there is more concern about that," he said.
At the close on Monday the Nasdaq Composite was down 310.99 points or 2.41 percent at 12,609.16.
The Dow Jones on the other hand gained 306.14 points or 0.97 percent to 31,802.44.
The Standard and Poor's 500 nudged down 20.59 points or 0.54 percent to 3,821.35.
The U.S. dollar continued higher Monday, bolstered by rising bond yields. The euro was floundering at 1.1848 around the New York close Monday. The British pound was unwanted at 1.3825. The Japanese yen fell to 108.89. The Swiss franc eased top 0.9359.
The Canadian dollar was weaker at 1.2670. The Australian dollar slid to 0.7645. The New Zealand dollar dropped to 0.7127.
On overseas equity markets, the FTSE 100 in London advanced 1.34 percent. The German Dax rose 3.31 percent. The CAC 40 in Paris climbed 2.08 percent.
On Asian markets, in Japan, the Nikkei 225 declined 121.07 points or 0.42 percent to 28,743.25.
The Hang Seng in Hong Kong tumbled 557.46 points or 1.92 percent to 28,540.83.
China's Shanghai Composite lost 80.57 points or 2.30 percent to 3,421.41.
The Australian All Ordinaries meantime closed with a 28.60 points or 0.41 percent gain to 6,971.60.