Stocks Ended Lower on Economic Worries

U.S. stocks dropped on Monday as concern over global growth hit banks and other economically sensitive shares. The Dow Jones industrial average fell 177.92 points, or 1.10%, to 16,027.05. The S&P 500 lost 26.615 points, or 1.42%, to 1,853.44. The Nasdaq Composite dropped 79.39 points, or 1.82%, to 4,283.75.

Shares of Chesapeake Energy (CHK.N) fell over 50 percent to their lowest levels since 1999 after sources told Reuters that the natural gas company had tapped existing adviser Kirkland & Ellis to explore restructuring options.

Yelp Inc. on Monday said its chief financial officer was leaving as it reported another quarterly loss, driven by higher spending. Revenue, however, jumped 40%, bolstered by a 35% increase in revenue from local advertising. The company projects the top-line growth to continue, estimating revenue will reach $154 million to $157 million for the current quarter and $685 million to $700 million for the year.

State regulators have agreed to lift their restrictions on Moda Health Plan selling and renewing policies while the troubled health insurer and its parent company sell assets and take other steps to shore up its depleted capital reserves.

Brent crude was last down 37 cents, or 1.09 percent, at $33.69 a barrel. U.S. crude was last down 47 cents, or 1.52 percent, at $30.42 per barrel.