Stocks Closed Lower Weighed by Falling Oil

U.S. stocks finished lower on Monday, weighed down by a drop in energy stocks and oil prices. The Dow Jones Industrial Average declined 23.90 points, or 0.14%, to 17,528.27. The S&P 500 fell 4.49 points, or 0.22%, to 2,056.50. The Nasdaq Composite declined 7.51 points, or 0.15%, to 5,040.98.

Oil fell more than 3 percent on Monday. Brent settled down $1.27 at $36.62 a barrel, after falling to a session low of $36.52. It hit $35.98 on Tuesday, its lowest since 2004.

Apple Inc. is on track to deliver about 75 million iPhone units in its first fiscal quarter, Stifel analysts said Monday, citing the latest data from two key Chinese provinces where the smartphone is manufactured.

Intel Corp. Vice President Wendell Brooks, a former investment banker who now heads the chipmaker’s merger and acquisitions efforts, said he has an extra incentive to make sure the company’s biggest-ever purchase pays off better than previous deals.