Energy stocks lead a decline as price of oil sinks
NEW YORK (AP) — Stocks are closing lower, led by a slump in energy stocks after the price of crude oil sank again.
Exxon Mobil and Chevron were among the biggest decliners in the Dow Jones industrial average Monday.
McDonald’s, another Dow component, fell 4 percent after reporting that a measure of global sales fell last month.
The Dow lost 106 points, or 0.6 percent, to 17,852.
The Standard & Poor’s 500 index fell 15 points, or 0.7 percent, to 2,060. The Nasdaq composite fell 40 points, or 0.8 percent, to 4,740.
Benchmark crude oil dropped $2.79, or 4 percent, to $63.05 a barrel in New York, its lowest price in five years.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.26 percent.