Stocks Ended Sharply Lower, S&P 500 Below 1,900

U.S. stocks closed sharply lower on Monday as uncertainty about the timing of a rate hike and concerns about global economic growth continued to weigh on sentiment. The Dow Jones Industrial Average dropped 312.78 points, or 1.92%, to 16,001.89. The S&P 500 fell 49.57 points, or 2.57%, to 1,881.77. The Nasdaq Composite was down 142.53 points, or 3.04%, to 4,543.97,

Auto parts supplier Lear Corp. plans to create an innovation and design center in downtown Detroit. Lear announced Monday that it bought a six-story, 35,000-square-foot building from Bedrock Real Estate Services in a transfer that marks Bedrock’s first building sale after a succession of Detroit purchases.

Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude, a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky.

Democratic lawmakers attacked “massive” price increases of two heart drugs from Canada’s Valeant Pharmaceuticals International Inc, sparking a rout in drugmakers’ shares on worries of a broad government and insurer clamp down on U.S.