Stocks Closed Lower as Tax Talk Rattled

U.S. stocks closed lower on Monday, following a report that U.S. lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts. The Dow Jones Industrial Average fell 85.45 points, or 0.36%, to 23,348.74. The S&P 500 lost 8.24 points, or 0.32%, to 2,572.83. The Nasdaq Composite dropped 2.30 points, or 0.03%, to 6,698.96.

Oil prices climbed Monday, with the global crude benchmark extending its push above $60 a barrel to levels not seen in more than two years and the U.S. benchmark crude ending at an eight-month high. December Brent crude rose 46 cents, or 0.8%, to settle at $60.90 a barrel. U.S. benchmark West Texas Intermediate crude for December delivery gained 25 cents, or 0.5%, to $54.15 a barrel.