A look at highlights from the day's business news:
Stocks step down as gold steps up
Stocks ended lower Monday, as investors took a step back from last week's run-up and shifted their focus to the global economic picture.
The Dow Jones industrial average lost 38 points, or 0.3 percent, to end at 11,406.84. The S&P 500 dropped 3 points, or 0.2 percent, to close at 1,223.25, and the Nasdaq added 1 point to end at 2,580.05.
Instead, investors turned to commodities. Gold surged to a new record high, settling at a record $1,403.20 an ounce, as jittery investors continue to see it as a hedge against inflation.
"After last week's historic events, today is all new territory," said Adam Harter, chief strategist at Financial Enhancement Group. "We have nothing in history to compare last week to, so it's a lot for investors to digest."
Stocks rallied last week on two major pieces of news. Tuesday's midterm elections saw the Republican party win control of the House. On Wednesday, the Federal Reserve said it will buy $600 billion in U.S. Treasuries by the middle of next year to stimulate the economy.
Treasury yields higher following auction
Treasuries came under pressure Monday as investors turned to a bond auction for direction in the absence of major economic reports.
The Treasury Department got an early start to this week's auctions by selling off $32 billion in three-year notes Monday afternoon. Monday's auction was the first since the Fed announced it will purchase $600 billion of Treasuries by the second quarter of 2011.
The three-year note auction drew $104 billion worth of bids, for a bid-to-cover ratio of 3.26, suggesting that demand remains robust. Treasury bond auctions later this week include $24 billion in 10-year notes on Tuesday, and $16 billion in 30-year notes on Wednesday. Bond markets will be closed on Thursday for Veterans Day.
The yield on the benchmark 10-year Treasury note rose to 2.56 percent Monday from 2.54 percent on Friday. Bond prices and yields move in opposite directions.
Yields for the 30-year bond moved higher to 4.14 percent. The two-year note was unchanged at 0.37 percent, and the five-year note ticked up to 1.13 percent.
- CNNMoney.com reporters Julianne Pepitone and Charles Riley contributed to this report.