NEW YORK, N.Y. – U.S. stocks are closing lower as health care companies weigh on the market and investors await a flood of earnings reports.
Stocks appeared headed for new highs in the morning Monday, but then drifted lower, led by declines in health care.
Mylan, a maker of generic drugs, slumped nearly 6 per cent, after rejecting a $40 billion buyout offer from Teva Pharmaceuticals.
The Dow Jones industrial average fell 42 points to close at 18,037. The Standard & Poor’s 500 index fell eight points to 2,108. The Nasdaq fell 31 points to 5,060.
Apple reports quarterly earnings late Monday, and is one of more than 150 companies in the S&P 500 that will turn in results this week. Investors will also follow a two-day meeting at the Federal Reserve that starts Tuesday.