NEW YORK, New York - Major U.S. stock indices closed lower on Monday, pulling back from recent record levels as investors consolidated gains and assessed the economic outlook.

The benchmark Standard and Poor's 500 declined 24.19 points, or 0.35 percent, to close at 6,905.75.

The blue-chip Dow Jones Industrial Average saw a steeper drop, falling 249.04 points, a loss of 0.51 percent, to end the session at 48,461.93.

The technology-heavy NASDAQ Composite also retreated, losing 118.75 points, or 0.50 percent, to finish at 23,474.35.

The broad-based retreat marked a pause in the recent rally that had propelled several indices to all-time highs. Trading volumes were significant, with over 1.9 billion shares changing hands for the S&P 500 and approximately 5.7 billion for the NASDAQ, indicating active participation in the sell-off.

It was an historic day Monday in the precious metals markets when silver topped $80 an ounce for the first tiem in history. Sellers however overwhelmed after the metal topped out, sending silver back to just under $72 an ounce. Gold weakened by 1.6 percent to $4,355 an ounce.

U.S. Dollar Shows Mixed Performance in Monday's Forex Trading

The U.S. dollar traded with a mixed bias against major global currencies on Monday, firming against the euro, and commodity-linked units while softening slightly against the British pound and the Swiss franc.

The euro edged lower against the greenback. The EUR/USD pair traded at 1.1764, down 0.05 percent for the session.

The dollar lost ground against the Japanese yen. The USD/JPY pair fell to 156.05, a decline of 0.28 percent.

Strength was evident for the dollar against its Canadian counterpart. The USD/CAD pair rose 0.17 percent to trade at 1.3694.

The British pound managed a slight gain, with GBP/USD climbing 0.05 percent to 1.3503. The dollar also advanced against the Swiss franc, as the USD/CHF pair increased by 0.11 percent to 0.7898.

The commodity-sensitive Australian and New Zealand dollars both faced notable pressure. The AUD/USD pair fell 0.27 percent to 0.6691, while the NZD/USD pair dropped 0.34 percent to 0.5803.

Global Markets Show Mixed Signals to Start the Week; Asia-Pacific Trading Highlights Divergence

Global stock indices delivered a mixed performance on Monday, with European markets edging cautiously higher while several major Asia-Pacific benchmarks faced selling pressure, setting a tentative tone for the week.

In the UK and  Europe, gains were modest but broad-based. Germany's DAX advanced 11.06 points, or 0.05 percent, to close at 24,351.12. In France the CAC 40 rose 8.44 points (0.10 percent) to 8,112.02, and the pan-European EURO STOXX 50 added 5.47 points (0.10 percent), finishing at 5,751.71.

The Euronext 100 also gained 0.10 percent. Belgium's BEL 20 was among the region's stronger performers, climbing 14.11 points, or 0.28 percent, to 5,054.48.

In contrast, the UK's FTSE 100 was a notable laggard Monday, dipping 4.15 points, a marginal decline of 0.04 percent, to end at 9,866.53.

In Canada, the S&P/TSX Composite index shed 103.17 points. The index closed at 31,896.59, a decline of 0.32 percent.

Asian markets presented a more varied picture. In mainland China the SSE Composite Index eked out a minimal gain of 0.04 percent.

South Korea's KOSPI was a standout winner, surging 90.88 points, or 2.20 percent, to 4,220.56.

In Taiwan the TWSE Index also posted strong gains, rising 0.89 percent.

Indonesia's IDX Composite jumped 1.25 percent, and Malaysia's FTSE Bursa Malaysia KLCI edged up 0.23 percent.

However, losses were seen elsewhere in the region on Monday. Hong Kong's Hang Seng Index fell 183.70 points, or 0.71 percent, to 25,635.23.

In Australia the S&P/ASX 200 retreated 0.42 percent, and the broader All Ordinaries index slid 0.41 percent.

India's S&P BSE Sensex dropped 0.41 percent. In Japan the  Nikkei 225 pulled back from recent highs, declining 223.47 points, or 0.44 percent, to close at 50,526.92. Singapore's STI Index and New Zealand's S&P/NZX 50 were nearly flat, down 0.05 percent and 0.02 percent, respectively.

In the Middle East Monday, Israel's TA-125 gained 0.18 percent, and Egypt's EGX 30 rose 0.31 percent on substantial volume of 187.6 million Egyptian pounds.

In Africa, the Top 40 USD Net TRI Index in Johannesburg fell 1.31 percent.

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