Stocks Ended Down as Oil Prices Fell
U.S. stocks ended lower Monday for the first day in five, hit by profit-taking and as falling oil prices hit energy shares. The Dow Jones Industrial Average ended down 40.27 points, or 0.30%, to 13,553.10. The S&P 500 ended off 4.58 points, or 0.31%, to 1,461.19. The Nasdaq Composite sank 5.28 points, or 0.17%, to 3,178.67.
Oil fell nearly $3 on Monday, recovering slightly from a high-volume, rapid selloff that sent Brent crude crashing through technical support as markets sought an explanation for the plunge. Brent November crude closed down $2.87 at $113.79 a barrel, having traded from $117.02 to $111.50.Brent November crude closed down $2.87 at $113.79 a barrel, having traded from $117.02 to $111.50.
President Barack Obama’s lead over Republican Mitt Romney narrowed to 5 percentage points in a Reuters/Ipsos poll released on Monday, from a high of seven points in the week after the Democratic National Convention.
Shares of Apple Inc.finished the day session at an all-time high of $699.78 following the company’s announcement that pre-orders for its new iPhone 5 topped 2 million units in 24 hours.
The Wall Street Journal took a fresh look Monday at General Motors Co.’s efforts to end its awkward relationship with the U.S. Treasury.