NEW YORK (AP) - Another bad day for the energy sector pulled down stocks on Monday.
Energy stocks slumped as the price of oil dropped to its lowest in more than four months. Oil has fallen sharply since the end of June on evidence that a global supply glut is building at the same time demand appears to be slowing.
The energy sector is down 15 percent this year, easily the worst performing industry group in the S&P 500 index. Energy companies earnings have dropped almost 60 percent in the second quarter.
The Standard & Poor's 500 index dropped 5.80 points, or 0.3 percent, to 2,098.04. The Dow Jones industrial average fell 91.66 points, or 0.5 percent, to 17,598.20. The Nasdaq composite slipped 12.90 points, or 0.3 percent, to 5,115.38.
Benchmark U.S. crude fell $1.95, or 4.1 percent, to close at $45.17 a barrel in New York.