(CNBC) — U.S. stocks closed sharply lower Monday, weighed by a renewed decline in oil prices, as investors awaited key inputs on economic growth. A swath of earnings reports, data and the Federal Reserve's statement are all due later in the week.
The major averages extended losses as the close approached, with the S&P 500 and Nasdaq composite more than 1.5 percent lower and the Dow Jones industrial average off more than 200 points.
"I think this is to be expected as the market tries to discern a pattern from the economic releases as to whether the economy is retaining momentum or at least there's a stabilization in the data," said Quincy Krosby, market strategist at Prudential Financial.
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