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"The negative viewpoint to equity exposure remains a crowded trade," John Stoltzfus, chief market strategist at Oppenheimer, told clients. "We continue to see the glass half full if not more so as accommodative monetary policy, strong corporate balance sheets and persistent (though modest) improvements in housing, mortgage insurance, jobs, and stateside business sentiment tip the scales in favor of a positive outcome beyond the day to day drama currently in the markets."
Market volume surged in the final hour of trading, closing with some 3.3 billion shares changing hands, about an average day. Breadth was solidly negative, with losers beating gainers 3.4 to 1.
European shares closed lower while Spanish borrowing costs rose on Monday. The euro weakened broadly on investor skepticism that the two-day Summit starting Thursday would make any substantial progress, with the crisis now in its third year and engulfing Spain, the region's fourth largest economy.
But Jim O'Neill , chairman at Goldman Sachs Asset Management, told CNBC that investors ought to be more concerned with issues in the U.S. than in Europe. Elevated weekly jobless claims, he said, are showing that the U.S. economy remains fragile.
"Europe doesn't run the world," he said. There are "lots of other issues going on in the world and it doesn't begin and end with Europe."
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