Stocks Ended Lower as Banks Dropped

U.S. stocks closed lower on Wednesday, as a slump in bank shares and a mixed reading of economic reports weighed on investor sentiment. The Dow Jones Industrial Average fell 20.82 points, or 0.10%, to 21,008.65. The S&P 500 was off 1.11 points, or 0.05%, to 2,411.80. The Nasdaq Composite was down 4.67 points, or 0.08%, to 6,198.52. For the month, the Dow gained 0.3%, the S&P 500 rose 1.2%, and the Nasdaq was up 2.5%.

Oil futures settled sharply lower Wednesday to tally a third-straight monthly loss. July West Texas Intermediate crude dropped $1.34, or 2.7%, to settle at $48.32 a barrel and declined of roughly 2.1% for the months. July Brent slid $1.53, or 3%, to $50.31 a barrel, with the contract down about 3.4% for the month.

A gauge of economic health, the Chicago business barometer, or Chicago PMI, rose to 59.4 in May, its highest level in 2½ years.

The Federal Reserve’s Beige Book, or anecdotal report of regional conditions, said the economy is still growing at a “modest or moderate” pace, appearing to support a June rate increase.