Stocks Closed Lower after Oil Dropped

U.S. stocks closed lower on Monday after weaker oil prices cut into the strength built up from the Federal Reserve’s dovish stance last week. The Dow Jones Industrial Average declined 55.75 points, or 0.31%, to 17,737.00. The S&P 500 shed 6.65 points, or 0.32%, to 2,066.13. The Nasdaq Composite fell 22.75 points, or 0.46%, to 4,891.79.

Oll prices stayed under pressure on skepticism producers would be able to freeze output to stem a global glut. Brent crude, settled down 2.5 percent at $37.69, its lowest since March 4. U.S. crude settled off 3 percent at $35.70.

New orders for U.S. factory goods fell in February and business spending on capital goods was much weaker than initially thought, the latest indications that economic growth slowed further in the first quarter. The Commerce Department said on Monday new orders for manufactured goods declined 1.7 percent as demand fell broadly, reversing January’s revised 1.2 percent increase.

Tesla Motors Inc. shipped 14,820 vehicles in the first quarter, less than the 16,000 it had forecast in February, on the heels of surprisingly strong orders for the company’s new, less-expensive model.