U.S. stocks fell on Monday after a gloomy outlook from Citigroup Inc. and news that big banks were forming a fund to shore up the commercial paper market dashed investor hopes for a fast resolution to the global credit crunch.

The Dow Jones industrial average was down 106.98 points, or 0.76 percent, at 13,986.10. The Standard & Poor's 500 Index was down 12.84 points, or 0.82 percent, at 1,548.96. The Nasdaq Composite Index was down 25.63 points, or 0.91 percent, at 2,780.05.

Citigroup U.S. Update