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Stocks close with losses; Dow in red for the year

The New York Stock Exchange early June 4,

The New York Stock Exchange early June 4, 2015. Photo Credit: Getty Images / Spencer Platt

Stocks closed lower Monday, putting the Dow Jones industrial average into the red for the year.

Airlines were among the biggest decliners Monday as investors worried that expanding capacity could hurt profits. Delta Air Lines closed down about 5 percent and JetBlue Airways fell about 7 percent.

At the close on Wall Street, the Standard & Poor's 500 index retreated 13.6 points, about 0.7 percent, to 2,079.3. The benchmark is less than 2 percent below its record set on May 21. The Dow Jones industrial average was down nearly 83 points, about 0.5 percent, at 17,766.6, and the Nasdaq composite gave up 46.8 points, nearly 1 percent, to 5,021.6.

As the markets closed, the price of benchmark U.S. crude oil dropped 79 cents, about 1.3 percent, to $58.34 a barrel on the New York Mercantile Exchange following OPEC's decision to keep its oil output target on hold. The price for Brent crude, a benchmark for international oil used by many U.S. refineries, fell 79 cents to $62.51 a barrel in London.

Stocks have been falling broadly over the last two weeks as traders try to anticipate when the Federal Reserve will begin raising interest rates from their historic lows.

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