Stocks Ended Lower as Investors Considered Potential U.S.-China Trade Deal

U.S. stocks ended lower on Monday, reversing gains made earlier in the day on the heels of reports of an impending trade deal between the U.S. and China. The Dow Jones Industrial Average fell 206.67 points, or 0.79%, to 25,819.65. The S&P 500 was down 10.88 points, or 0.39%, to 2,792.81. The Nasdaq Composite retreated 17.79 points, or 0.23%, to 7,577.57.

Oil futures climbed on Monday, as OPEC and its allies continue to cut back on crude production. April West Texas Intermediate crude added 79 cents, or 1.4%, to settle at $56.59 a barrel. May Brent gained 60 cents, or 0.9%, to end at $65.67 a barrel.

The U.S. and China are reportedly nearing a trade deal that would involve Beijing lowering tariffs on American farm, chemical, auto and other products and bumping up purchases of American goods. As part of the deal, the U.S. would lift many or all tariffs on Chinese products. Such an agreement could come as soon as the end of March, according to reports citing unnamed individuals familiar with the matter.

Salesforce.com Inc. (CRM) reported fiscal fourth-quarter net income of $362 million, or 46 cents a share, compared with $206 million, or 28 cents a share, in the year-ago period. Revenue rose to $3.6 billion from $2.87 billion in the year-ago period.

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