Stocks Closed Lower as Oil Dragged Down Energy

U.S. stocks closed lower on Monday, weighed by a sharp decline in energy as oil plunged to a near-seven-year low. The Dow Jones Industrial Average dropped 117.12 points, or 0.66%, to 17,730.51. The S&P 500 fell 14.62 points or 0.70%, to 2,077.07. The
Nasdaq Composite fell 40.46 points, or 0.79%, to 5,101.81.

Oil futures plunged further on Monday to mark their lowest settlements in nearly 7 years. January West Texas Intermediate crude dropped $2.32, or 5.8%, to settle at $37.65 a barrel on the New York Mercantile Exchange. That was the largest one-day
percentage loss since September.

Consumer credit growth eased in October as consumers cut back on credit card use, the Federal Reserve reported Monday. Consumer credit increased 5.5% in October, or by a seasonally adjusted annual rate of $15.9 billion.

Verizon Communications Inc’s (VZ.N) chief financial officer Fran Shammo, said the No. 1 U.S. wireless carrier could look at
buying Yahoo Inc’s (YHOO.O) core business, which includes Mail, its news and sports sites and advertising technology, if it is a
good fit.

The Federal Trade Commission has filed a complaint aimed at stopping Staples Inc, the nation’s largest office supply store, from
buying its top rival, Office Depot Inc, the agency said on Monday. The agency stopped a merger attempt between the same two
companies in 1997.