Wall Street Closing

U.S. stocks closed sharply lower Monday as investors awaited key inputs on economic growth.

In international economic news, excessively low inflation hurts consumers and damages the European Central Bank’s credibility, Mario Draghi, the bank’s president said Monday, defending loose monetary policy and the bank’s December rate cut.

The dollar traded slightly lower against major world currencies. Light sweet crude oil for March delivery lost $1.85 to $30.34 a barrel on the New York Mercantile Exchange, while gold futures added $9.00 to $1,105.30 an ounce.

The Dow declined 88, or 0.55 percent, to 16,005. The broader Standard & Poor’s 500 index fell 15, or 0.77 percent, to 1,892. The technology-heavy Nasdaq composite index dropped 30, or 0.66 percent, to 4,560.