U.S. stocks closed down on Monday despite oil settling higher, as concerns about Greece continued to weigh. “This is a day when we’ve concerned about global macro more than anything else,” said Art Hogan, chief market strategist at Wunderlich Securities. “The market is under pressure for various reasons, none of them energy.”
He cited continued uncertainty about Greece, the impact of a stronger dollar and concerns about West Coast port congestion as disturbing markets. President Barack Obama’s announcement that he will ask Congress for new authority to use force against ISIS surprisingly did not to encourage markets, he said.
The energy sector was the only sector closing higher on the S&P 500. Chevron and Caterpillar led four blue chip gainers, including Exxon Mobil.