Summary Dow member General Electric lost 2.2 percent on a downgrade by Bernstein
NEW YORK (AFP) - Oil and other commodity-linked stocks retreated leading the broader market lower Monday, while Virgin America surged on news of its acquisition by Alaska Airlines.
The Dow Jones Industrial Average fell 55.75 points (0.31 percent) to 17,737.00.
The broad-based S&P 500 shed 6.65 (0.32 percent) to 2,066.13, while the tech-rich Nasdaq Composite Index dropped 22.75 (0.46 percent) to 4,891.80
Petroleum producers ConocoPhillips and Anadarko Petroleum fell 1.7 percent and 2.7 percent as oil prices dropped on doubts about an agreement of major producers to limit output.
Miners and metals processors also fell, with aluminum producer Alcoa losing 2.4 percent, copper and gold company Freeport-McMoRan 4.8 percent and US Steel 2.5 percent.
Virgin America surged 41.7 percent to $55.12 as Alaska Airlines offered $57 a share in a takeover deal valued at $4 billion including acquired debt. Alaska Air Group fell 3.8 percent.
Tesla Motors rose 4.0 percent on continued momentum from the launch of the moderately priced electric Model 3 sedan. Tesla chief Elon Musk said Sunday that the company had amassed 276,000 pre-orders for the vehicle, which will be priced from $35,000.
Edwards Lifesciences surged 16.8 percent after releasing clinical data showing its valve replacement technology performed better than surgery for patients with severe aortic stenosis.
Facebook fell 3.0 percent after Deutsche Bank predicted the social network s first-quarter earnings may come in below expectations. But Deutsche Bank lauded Facebook s long-term prospects, citing growth from its Messenger and WhatsApp programs.
Twitter meanwhile rose 7.0 percent following after Deutsche Bank predicted the microblogging network would show stable monthly users and report better user engagement. The stock was also lifted by comments from a MasterCard executive to CNBC saying the credit-card company was interested in collaborations with Twitter.
Dow member General Electric lost 2.2 percent on a downgrade by Bernstein.
