Dow Closed Near 16,000 Level

U.S. stocks closed lower on Monday, with the Dow Jones Industrial Average falling near 16,000, as investors debated whether a record rally has become overextended. The Dow Jones Industrial Average dropped 77.64 points, or 0.48% to 16,008.77. The S&P 500 dropped 4.91 points, or 0.27%, to 1,800.90. The Nasdaq Composite lost 14.63 points, or 0.36%, to 4,045.26.

A gauge of U.S. factory activity hit a 2-1/2-year high in November and construction spending
increased solidly in October. The Institute for Supply Management (ISM) said its index of national
factory activity rose to 57.3 last month, the highest reading since April 2011, from 56.4 in
October.

The Federal Reserve said on Monday it did not object to new capital plans by Goldman Sachs and
JPMorgan Chase, after regulators said the initial versions showed weaknesses in the banks’ capital
planning processes.

The Federal Aviation Administration has released a road map for allowing drones to fly everywhere
in the country, but research and regulations are months behind the schedule Congress set to have
drones fly safely with commercial airliners by September 2015.

The United States Supreme Court on Monday let stand a ruling from New York’s highest court
requiring Internet retailers to collect sales taxes even if they have no physical presence in the
state.

The price of oil rose more than 1 percent. Benchmark U.S. crude for January delivery rose $1.10,
or 1.2 percent, at $93.82 a barrel on the New York Mercantile Exchange.

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