Red Results

Indices closed out in deep-red territory Monday. Stocks such as Bank of America, Ford Motor and Chevron stood out among decliners. Brands ended trading near session lows. An unprecedented downgrade to the U.S. credit rating ramped up concern over the global economic outlook. On another note, crude oil slipped by $5.37 to settle at $81.31 a barrel, its lowest level since November. Looking ahead, investors will focus on interest rate comments from the Federal Open Market Committee meeting which is set for tomorrow.

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