Stocks End Lower as Energy Weakness Drags On

U.S. stocks ended lower on Monday, led by a decline in energy shares as oil prices tumbled about 5 percent and concern grew ahead of the start of corporate earnings season. The Dow Jones Industrial Average dropped 96.53 points, or 0.54%, to 17,640.84. The S&P 500 was down 16.55 points, or 0.81%, to 2,028.26. The Nasdaq Composite fell 39.36 points, or 0.84%, to 4,664.71.

The global oil benchmark settled below $50 a barrel for the first time in nearly six years Monday after Goldman Sachs Group Inc. slashed its forecasts, saying lower prices are needed to reduce global supplies.Brent dropped $2.68, or 5.3%, to $47.43 a barrel on ICE Futures Europe, the lowest settlement since March 2009.

Metals company Alcoa Inc on Monday reported a higher-than-expected quarterly profit excluding restructuring costs. It reported a net profit of $159 million compared with a loss of $2.3 billion a year earlier. Excluding restructuring costs, Alcoa’s net profit was $432 million.

Upscale jeweler Tiffany & Co cut its profit forecast for the full year, citing a disappointing holiday shopping season and further weakness in Japan. The company said it now expected an adjusted profit of $4.15-$4.20 per share in the year ending Jan. 31, down from its prior forecast of $4.20-$4.30.