Indices closed in the red zone on Monday. Allergan led decliners on the S&P 500 while Tenet Healthcare led advancers. Financial stocks such as Bank of America and Citigroup traded lower as well. Brands dipped amid news that Chinese equities have entered a bear market. The CSI 300 Index of China’s largest companies fell 6.3 percent, the most since August 2009, marking a loss of more than 20 percent from this year’s peak level. As the session progressed, however, the market rebounded from earlier losses. Meanwhile, crude oil tacked on $1.49 to settle at $95.18 a barrel. In ratings action, Apple took a breather today following a price target reduction from Jefferies & Co. On another note, Goldman Sachs downgraded Illinois Tool Works to “sell” from “neutral” noting rich valuation and a limited earnings upside.
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