Stocks Ended Lower for Third Day

U.S. stocks fell sharply on Monday, as investors bid down Internet stocks and rotated into defensive names to protect against further declines. The Dow Jones Industrial Average dropped 166.84 points, or 1.02%, to 16,245.87. S&P 500 shed 20.05 points, or 1.08%, at 1,845.04. The Nasdaq Composite fell 47.97 points, or 1.16%, to 4,079.75.

Consumers increased their borrowing in February on autos and student loans by the largest amount in a year. But for a second straight month, they cut back on their credit card use. Consumer borrowing climbed $16.5 billion in February, up from a $13.5 billion gain in January, the Federal Reserve reported Monday. The category that includes credit cards fell $2.4 billion after a $241 million drop in January.

A new organization called the Coalition for Mortgage Security launched a campaign on Monday calling for winding down Fannie Mae and Freddie Mac in a way that does not harm the shareholders of the bailed-out mortgage companies.

A major new Gallup survey suggests the ObamaCare sign-up numbers are not as soaring as the White House claims. The massive survey, released on Monday, shows the number of uninsured indeed has fallen to its lowest level in years, likely thanks to the Affordable Care Act.