NEW YORK, New York - Technology stocks led Wall Street lower on Monday. The Nasdaq Composite fell sharply. One bright spot on world markets Monday was a dramatic rise in the Australian Stock Exchange (ASX), and the Australian dollar, following the surprise win by incumbent Prime Minister Scott Morrison's Liberal-National Party coalition government's win in Saturday's Federal Election.
The Dow Jones Industrial Average fell 84.24 points or 0.33% to close Monday at 25,679.76.
The Standard and Poor's 500 gave up 19.44 points or 0.68% to 2,840.09.
The real damage though was in the tech-laden Nasdaq Composite which tumbled 113.91 points or 1.46% to 7,702.38.
The U.S. dollar barely moved in the New York session with the major currencies all closing around the same levels as in Asia, which were not too far different from Friday's levels.
The euro was last quoted in New York on Monday, towards the close, at 1.1166. The British pound was fetching 1.2726,
The Japanese yen was last quoted at 110.01, while the Swiss franc traded at 1.0084.
The Canadian dollar was changing hands at 1.3429.
The Australian dollar which rose sharply on the unexpected conservatives win of the federal election, retreated somewhat in New York, to last trade at 0.6909. Similarly the New Zealand dollar, which had tracked the Aussie, gave up some ground to finish the day around 0.6532.
In overseas markets, shares were weak across the board. The German Dax fell a hefty 1.61%. The Paris-based CAC 40 was similarly sold off, the key index losing 1.46%.
In London, the FTSE 100 declined 0.51%.
In Asian markets, the Australian All Ordinaries added 104.50 points or 1.62% to close at 6,564.70, an 11-year high.
In Tokyo the Nikkei 225 rose 51.64 points or 0.24% to 21,301.73.
In China, the Shanghai Composite fell 11.69 points or 0.41% to 2,870.60.