U.S. stocks closed lower Monday, weighed by a sharp decline in energy as oil plunged to a near-seven-year low.
The Dow Jones industrial average faltered 117.12 points – off its lows of the day -- to close Monday at 17,730.51, after a gain of more than 360 points on Friday. Chevron and Exxon Mobil both closed down more than 2.5%. Goldman Sachs also weighed.
The S&P 500 shed 14.61 points to 2,077.08. Energy temporarily fell more than 4.5% as the greatest laggard in the S&P 500.
The NASDAQ index swooned 40.46 points to 5,101.81. Declines in biotech stocks and Apple also pressured the major averages.
In individual stock news, Chipotle Mexican Grill briefly fell more than 4.5% in intraday trade after the company on Friday issued a fourth-quarter warning and said its sales have been hammered due to an E. coli outbreak.
Keurig Green Mountain held more than 72% higher to trade just below $90.00 U.S. a share after the firm said it has agreed to be taken private by an investor group led by JAB Holding for $92.00 U.S. a share in cash. Trade volume was more than quadruple its 30-day average.
General Electric traded more than 0.5% lower after it deal to sell its appliance business to Swedish appliance maker Electrolux fell through, Reuters reported. The deal, which had been announced last year, would have been Electrolux's largest acquisition ever.
The decline in oil prices came after the Organization of the Petroleum Exporting Countries failed on Friday to agree on a production curb to stem sliding prices and a stronger dollar made holding crude positions more expensive.
Prices for the 10-year Treasury gained, lowering yields to 2.24% from Friday's 2.28%. Treasury prices and yields move in opposite directions.
Oil prices ditched $2.22 a barrel to $37.75 U.S.
Gold prices moved lower $14.95 to $1,071.49 U.S. an ounce.
Source: WallSt Money US Market Commentary
(December 7, 2015 - 5:22 PM EST)
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