Stocks Take a Step Back

(Updated with share price movements throughout.)

NEW YORK (TheStreet) -- U.S. equity markets closed slightly lower Monday as the mood on Wall Street seemed to be why not take some profits here.

The Dow Jones Industrial Average was lower by 32 points, or 0.3% to 9338. The S&P 500 was down 3.4 points, or 0.3%, to 1007. The Nasdaq Composite was lower by 8 points, or 0.4%, to 1992.

On the Dow, McDonald's(MCD Quote) helped mitigate the damage, as shares closed up 2%. Earlier, the fast-food giant said global same-store sales rose 4.3% in July. Europe saw a 7.2% rise in comp sales last month, and the U.S. saw a 2.6% increase.

The dollar was in focus Monday, as the greenback gained ground on the euro.

Precious metals also weakened, with gold futures down $12.60, or 1.3%, to $946.90 an ounce on the New York Mercantile Exchange. Silver fell 31.3 cents, or 2.1%, to $14.35 an ounce.

Light, sweet crude oil for September delivery finished down 33 cents, or 0.5%, at $70.60 a barrel on the New York Mercantile Exchange.

Profit-taking shouldn't be unexpected, but some market observers argue that selling has been without any conviction, which is a positive for bullish investors.

"While the market is in need of rest, we are noticing that every decline during the day is met with buying so that by day's end, the market is finishing with mild losses instead of the 100-plus points of earlier trading," said Paul Nolte, director of investments at Hinsdale Associates, in an email.

Over the weekend, Berkshire Hathaway(BRK.A Quote), the investment vehicle of billionaire investor Warren Buffett, reported a 14% jump in second-quarter profit as the improving stock market boosted the value of the company's derivatives contracts. Still, Berkshire shares closed down $4,100, or 3.8%, to $104,000.