Dow Closes Down 52
Oil dips below $50 a barrel
By Newser Editors and Wire Services
Posted Oct 17, 2016 3:16 PM CDT
Trader Ryan Falvey works on the floor of the New York Stock Exchange, Monday, Oct. 17, 2016. Stocks are opening slightly lower on Wall Street, led by a decline in health care stocks.   (AP Photo/Richard Drew)

(Newser) – Major US stock indexes closed modestly lower Monday, with some of the biggest declines coming in oil and gas companies as energy prices turned lower, the AP reports. Companies that rely on consumer spending also lost ground. Utilities and telecom stocks, which pay large dividends, bucked the downward trend as bond yields fell. The Dow Jones industrial average lost 51.98 points, or 0.3%, to 18,086.40. The average was down as much as 75 points earlier in the day. Its two biggest decliners: McDonald's and Nike, each down 1%. The S&P 500 index slid 6.48 points, or 0.3%, to 2,126.50. The Nasdaq composite index fell 14.34 points, or 0.3%, to 5,199.82. The three indexes have posted weekly declines the past two weeks. The Dow and Nasdaq are up about 3.8% for the year, while the S&P 500 is up 4%.