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US stocks close lower as GE, tech stocks fall

iStock/Thinkstock
iStock/Thinkstock

(NEW YORK) — U.S. stocks closed lower on Monday as General Electric and technology stocks sunk.

The Dow Jones Industrial Average slid 54.67 (-0.23 percent) to finish at 23,273.96.

The Nasdaq fell 42.23 (-0.64 percent) to close at 6,586.83, while the S&P 500 finished at 2,564.98, down 10.23 (-0.40 percent) from its open.

Crude oil prices remained under $52 per barrel.

Winners and Losers:  Shares of General Electric sunk 6.34 percent after Morgan Stanley and UBS downgraded their ratings over concerns about dividend cuts.

Seagate Technology reported earnings in the fiscal first-quarter that beat investors’ expectations and the data storage company’s stock climbed 12.62 percent.

Hasbro posted a weak outlook for the holidays in its quarterly report because of the bankruptcy of Toys ‘R’ Us.  Shares tumbled 8.60 percent.

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