Stocks Closed Lower, Weaker Dollar Eyed

U.S. stocks closed lower on Monday as investors looked ahead to a light week of economic reports amid some consolidation in currency and oil prices. The Dow Jones Industrial Average fell 11.61 points, or 0.06%, to 18,116.04. The S&P 500 was down 3.68 points, or 0.17%, to 2,104.42. The Nasdaq Composite was off 15.44 points, or 0.31%, to 5,010.97.

The U.S. dollar fell for a second straight session against a basket of major currencies on Monday after traders unwound bullish dollar positions on the likelihood that Federal Reserve policy will be accommodative over the near term.

Oil futures climbed on Monday, with the drop in the U.S. dollar fueling another gain for the commodity despite indications from Saudi Arabia that it intends to maintain its crude-production levels. May crude settled at $47.45 a barrel on the New York Mercantile Exchange, up 88 cents, or 1.9%.