Stocks Close Lower; Gas Prices Level Off
(NEW YORK) -- After closing last week by reaching four-year highs, the Dow closed lower Monday.
The Dow Jones Industrial Average dropped 52 points, closing at 13,254. The Nasdaq lost 32 points, closing down one percent at 3,104. The S&P 500 fell nine points to close at 1,429.
Meanwhile, as expected, gas prices seem to be hitting a plateau now that summer’s over. The weekly average price of a gallon of regular gas is $3.85, up less than a penny compared to a week ago, according to the Department of Energy. This price is still up 19 cents from a year ago.
Notably, prices in the Midwest and the Gulf regions are down compared to last week. Prices in those regions were most impacted by Hurricane Isaac.
A lot of the gas sold and oil refined in the Midwest comes from the Gulf. Now that the effects of Hurricane Isaac are diminishing, prices are coming down in those regions.
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