Sotheby’s said its fourth quarter profit dropped 18.5 percent on higher expenses, pushing its shares in Wall Street by 6.5 percent in early trading on Monday.

Net income in the last three months of 2014 fell to $73.9 million, compared to $90.8 million during the same period a year earlier. Analysts had projected a profit of $86.78 million.

The New York-based auction house faced a rising expenses by 14.4 percent to $222.2 million, while revenues surged 3.5 percent to $351.2 million.

By the close of New York equities, Sotheby’s shares lost 1.4 percent to $43.43.

U.S. stocks closed at record high at the first trading session in March, following stellar gains in February, on expectations the Fed will raise interest rates later in the year.

Data released on Monday showed that consumer spending in the world’s biggest economy rose 0.3 percent in January from a 0.1 percent fall the prior month.

Nonetheless, another report signaled that U.S. manufacturing growth slowed last month to its lowest level in 13 months.

Although the Fed will hike interest rate sometime this year, the stimulus plans announced by other major central banks, and the strong corporate earnings may help U.S. equities to resume their rally.

The NASDAQ composite index was up 0.7% at 5008.10 points, marking a new record high, as it surpassed the 5,000-point barrier for the first time in 15 years.

Standard & Poor's 500 gained 0.6% to close at an all-time high of 2117.40. The Dow Jones industrial average added 0.86% to 18,288.60.

It is worthwhile to mention that the S&P 500 soared 5.5 percent in February, while the Dow edged up 5.6 percent.

The precious metal surrendered its earlier gains when it leaped to a two week high during the Asian session after China’s rate cut decision on the weekend gave some support to gold prices.

Gold halted found an end to the longest rally in five weeks on Monday, as a 15-year high in U.S. technology stocks enhanced investors’ risk appetite.

Still, investors prefer to locate their money in equities at the expense of the safe-haven metal on signs of progress in the U.S. economy.

NASDAQ set a new fresh record high of 5,008 points, Dow Jones climbed to 18,288 points and S&P index reached 2,117 points.

China’s central bank decision encouraged purchase in gold as foreign currencies continue to offer low or zero interest rate.

However, further pressure may stem on gold prices, as the Fed will probably hike interest rates anytime this year.

Another key downside on gold prices came from the dollar’s rally against major currencies, where the six-currency gauge, the dollar index, touched an 11-year peak.

The yellow metal fell from a high of $1223.11 an ounce to trade around $1206.60, while the lowest point was touched at $1204.50.

The EURGBP rebounded on Monday to hit a fresh high of 0.7246 after a report showing euro area inflation fell slower than economists’ forecast in February.

Data released today showed that eurozone consumer prices were 0.3 percent lower last month, while analysts had penciled in a 0.5 percent drop.

The euro also took advantage of the strong PMI manufacturing data from Germany and Italy, while the advance in UK PMI could not help the pound.

Britain’s Purchasing Managers’ Index (PMI) climbed to 54.1 in February, compared to 53.1 in January, higher than analysts’ forecast of 53.5.

The movement of the pair is likely to be largely shaped by this week’s ECB meeting in Cyprus, which will give more details about the bank’s quantitative easing program.

Meanwhile, the EURGBP is trading around 0.7278, where the session’s low was hit at 0.7237.