Credit Suisse and Nomura warned of significant losses due to Archegos Capital

The Dow Jones Industrial Average rallied to record highs Monday despite selling pressure in financials and elsewhere after a large hedge fund was forced to unwind billions of dollars in positions.

Join BJL on WhatsApp Status: Click here to Join BJL status for engagements, births, deals, levayos, events & more

Join BJL on WhatsApp Groups: Click here to Join an official BJL WhatsApp group for breaking news as it happens

The Dow Jones Industrial Average rose 98 points, or 0.30%, while the S&P 500 slipped 0.09% as energy stocks retreated. The Nasdaq Composite fell a steeper 0.6%.

The hedge fund Archegos Capital Management was on Friday forced to sell nearly $30 billion of holdings of U.S. media stocks and Chinese internet ADRs after facing margin calls on heavily leveraged positions.

The fire sale caused significant losses in ViacomCBS and Discovery Inc., as well as Baidu Inc. and Tencent Holdings, among others.

The impact was felt at investment firms Credit Suisse Group AG and Nomura Holdings, which warned of significant losses tied to the selling of Archegos' positions. Whole Dow components JPMorgan Chase & Co. and Goldman Sachs Group Inc. were among the laggards due to the fallout from the selling, reports suggest their exposure may be limited compared to their foreign counterparts. Read more at FOX Business