U.S. stocks fell on Monday as energy shares slid along with oil prices' sharp drop on worries that demand will fall further, while Boeing's profit warning increased caution before earnings later this week.
The price of oil has tended to oscillate along with sentiment about the economy, though there appears to be a trend toward the idea that the economy is showing signs of stabilization, said Jim Paulsen, chief investment officer of Wells Capital Management in Minneapolis.
There's no doubt that those economic views are changing at the margin every day and oil's right in the center of that, Paulsen said.
The prospect of bankruptcy for General Motors
The Dow Jones industrial average <.DJI> fell 73.60 points, or 0.91 percent, to 8,009.78. The Standard & Poor's 500 Index <.SPX> was off 4.15 points, or 0.48 percent, at 852.41. The Nasdaq Composite Index <.IXIC> was down 14.25 points, or 0.86 percent, at 1,638.29.
The S&P 500 closed out a five-week rally on Thursday, which was the last day of trading before the long Easter weekend, and the broad index is up 25.7 percent from the closing low hit in early March. However, the S&P 500 is still down nearly 6 percent for the year.
Earnings season gets into full swing this week with Goldman Sachs
Bank stocks cushioned the market as they added to Thursday's gains following upbeat preliminary results from Wells Fargo & Co
On Nasdaq, Qualcomm
In merger news, Express Scripts Inc
(Editing by Jan Paschal)