S&P 500 Closes At Lowest Level Since April 2014

U.S. stocks came off session lows in the final trading hour but still finished Monday with sharp losses. Financials were hit the hardest amid worries of widening credit default swaps spreads, while lower oil prices hit energy and materials shares. The S&P 500 closed 26.61 points, or 1.4%, lower at 1,853.44, its lowest closing level since April 2014. The Dow Jones Industrial Average dropped 177.92 points, or 1.1%, to 16,027.05. Meanwhile, the Nasdaq Composite ended the day down 79.39 points, or 1.8%, at 4,283.75.