Dow closes lower as energy and industrial shares tumble
The Dow Jones index ended the session on a lower note on Monday, with energy and industrial stocks taking the brunt of the force. However, previous gains made in the month was seen as the best August performance since 1984.
The Dow Jones Industrial Index slipped by 0.78% (223 points), with the lowest being a 290-point fall during the session. The S&P 500 fell by 0.25 points, while the Nasdaq Composite index rose by 0.68%, just inches behind another record high.
Energy stocks led the descent in the Dow as oil prices tumbled when U.S. data saw crude production rise by 4.2% to 10.436 million barrels a day, renewing supply concerns.
Industrial stocks also saw a slump, as airline companies struggled amid concerns of an emerging price war.
American Airlines’ shares tumbled by 4% after it discarded its $200 fee in order to change its domestic tickets, a move similar to rival companies. Meanwhile, shares of United Airlines and Delta Air Lines also fell by more than 3%.