Stocks extended losses on Monday as bank stocks fell on fears the economy was slowing and Apple lost ground after unveiling a music-streaming service during a conference.

The Dow Jones industrial average <.DJI> dropped 74.81 points, or 0.62 percent, to 12,076.45. The Standard & Poor's 500 Index <.SPX> lost 14.39 points, or 1.11 percent, to 1,285.77. The Nasdaq Composite Index <.IXIC> fell 28.91 points, or 1.06 percent, to 2,703.87.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)