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Monday
Jan092017

US Stocks Close Mostly Lower as Oil Prices Drop

iStock/Thinkstock(NEW YORK) -- U.S. stocks and oil prices were mostly lower on Monday as the Dow fell further below a 20,000 milestone, but the Nasdaq reached a new record high.

The Dow fell 76.42 (-0.38 percent) to finish at 19,887.38.

The Nasdaq gained 10.76 (+0.19 percent) to close at 5,531.82, while the S&P 500 finished at 2,268.90, down 8.08 (-0.35 percent) from its open.

Crude oil prices sunk 4 percent; under $52 a barrel on Monday.

Federal Reserve: After the Federal Reserve raised interest rates last month by a quarter of a point, Boston Fed President Eric Rosengren said Monday he believes "a still gradual but somewhat more regular increase in the federal funds rate will be warranted" this year.

Atlanta Fed President Dennis Lockhart also delivered remarks and said to the Rotary Club of Atlanta that the U.S. economy is "well-positioned for moderate growth." He added that "it's less certain that the economy is positioned for a breakout to markedly higher growth on a sustained basis."

Volkswagen:  A second Volkswagen AG executive, Oliver Schmidt, was arrested and charged in connection with the German auto-makers ongoing emissions scandal. The complaint accuses Schmidt of "knowingly participating in a conspiracy...to defraud the United States by impairing and impeding the lawful functions of the [Environmental Protection Agency]...to defraud VW customers...and violate the Clean Air Act."

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