U.S. stocks slipped on Monday as investors were concerned about the U.S. economic slowdown and became more cautious in the markets.
The market sentiment was still weighed after five straight weekly losses. Investors were wary about the strength of economic recovery after the latest economic data pointed weaker growth.
Major averages ended last week with sharp declines after the monthly jobs report from the Labor Department showed the economy added least jobs in eight months. Meanwhile, the unemployment rate jumped to 9.1 percent from 9.0 percent, providing fresh evidence that the economic recovery is running out of steam.
With the absence of major economic news, investors were apparently taking sidelines. All sectors were trading lower, while energy and financial stocks were among the biggest losers.
Crude oil prices fell on Monday with U.S. benchmark losing 1.21 percent to settle at 99.01 dollars a barrel and the London Brent crude dropping 1.17 percent to close at 114.48 dollars. Lower oil prices pressured energy sector.
And bank stocks extended last week's decline mainly caused by Washington's discussion about raising capital requirements.
The Dow Jones industrial average dipped 61.30 points, or 0.50 percent, to 12,089.96. The Standard & Poor's 500 was down 13.99 points, or 1.08 percent, to 1,286.17. The Nasdaq Composite Index dropped 30.22 points, or 1.11 percent, to 2,702.56./.