U.S. stocks closed lower on Monday under pressure from an overnight plunge in the Shanghai Composite and a continued decline in commodities, amid a lackluster earnings season. “The fear factor of China is very much alive in the market. That’s nearing us to some technical support levels,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
“Slow growth out of China just complicates the oil picture.” Stocks came off session lows in the close. The S&P 500 dipped below its 200-day moving average of 2,064.14 and closed a few points above it. The energy sector was the worst performer in the S&P 500 as oil extended losses to trade below $48 a barrel.The Dow Jones industrial average closed about 127 points lower to its lowest level since February 2. Earlier, the index fell more than 150 points. The Nasdaq Composite ended nearly 1 percent lower. MORE