Stocks Fall as Oil Prices Spike

Stocks are closing lower Monday as a spike in oil prices raises fresh worries about the strength of the global economy, the AP reports. The US and international benchmarks for crude oil each rose more than 14% after a weekend attack on oil facilities in Saudi Arabia. Shares of oil producers jumped, with Marathon Oil gaining 11.5%. Companies in fuel-dependent industries fell. American Airlines dropped 7.3% and Carnival Corp. slipped 3.2%. The Dow Jones industrials fell 142 points, or 0.5%, to 27,076, breaking an eight-day win streak. The S&P 500 slid 9 points, or 0.3%, to 2,997. The Nasdaq fell 23 points, or 0.3%, to 8,153. Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.84% from 1.90% Friday. That hurt bank stocks—Goldman Sachs dropped 1.2%. (More stock market stories.)