Stocks Closed Lower, With Energy Sector Dragging

U.S. stocks closed lower on Monday, with energy sector dragging as oil prices declined. The Dow Jones Industrial Average fell 51.98 points, or 0.29%, to 18,086.40. The S&P 500 was down 6.48 points, or 0.30%, to 2,126.50. The Nasdaq Composite dropped 14.34 points, or 0.27%, to 5,199.82.

International Business Machines Corp. (IBM) reported third-quarter earnings above Wall Street expectations but flat sales. IBM said it earned $2.85 billion, or $2.98 a share, in the quarter, compared with $2.95 billion in the third quarter of 2015. Revenue reached $19.2 billion, flat compared to the year-ago quarter.

Netflix Inc. reported a larger-than-expected increase in new additions as the streaming video service’s recent expansion helped to offset increased competition and price increases. Netflix reported third-quarter profit of $51.5 million, or 12 cents a share, up from $40.76 million, or 9 cents a share. Revenue rose to $2.29 billion from $2.1 billion.

Oil prices settled down on Monday, weighed by oversupply concerns. International benchmark Brent crude fell 43 cents, or 0.8 percent, from the last settlement to close at $51.52 per barrel, after hitting a session low of $51.16 a barrel. U.S. West Texas Intermediate (WTI) closed at $49.94 per barrel, down 41 cents, or 0.8 percent, after hitting a session low of $49.47.

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