S&P 500 posts longest losing streak since January

Declines were led by financial firms and consumer discretionary companies, which provide goods and services that are not must-haves for shoppers. High-growth technology stocks also continued their slump from last week, although the declines weren't as severe.

The Standard & Poor's 500 index fell 20 points, or 1.1 percent, to close at 1,845 Monday. It was the third straight down day for the index, its longest losing span since late January. The Dow Jones industrial average dropped 166 points, or 1 percent, to 16,245. The Nasdaq slipped 47 points, or 1.2 percent, to 4,079.

Fashion accessory company Fossil Group and used car retailer CarMax slid 4 percent. CarMax reported disappointing results Friday.