U.S. stocks traded lower Monday after crude oil touched a record high, raising worries that energy costs may weigh down corporate profit growth. Rising oil prices are generally negative for stocks, as they raise companies' expenses and eat into consumers' discretionary spending. Light, sweet crude futures for July delivery rose 38 cents to $58.85 on the NYMEX market, while August futures briefly touched the $60 mark before easing to $59.40, Reuters reported. "Crude oil seems to be the main focus of the day," said Evan Olsen, head of equity trading at Stephens Inc. in Little Rock, Arkansas. "The areas where I'd expect to see the most negative correlation are manufacturers who are going to get hit because it's a cost to them, and lower-end consumer (goods) whose customers tend to get hurt in the pocketbooks most." Market anxiety over oil exports from producer nations resurfaced after the United States, Britain and Germany closed their consulates in Nigeria's largest city Lagos due to a threat from foreign Islamic militants. The Dow Jones industrial average was down 37.06 points, or 0.34 percent, at 10,586.09. The Standard & Poor's 500 Index was down 3.28 points, or 0.27 percent, at 1,213.68. The technology-laced Nasdaq Composite Index was down 4.30 points, or 0.21 percent, at 2,085.72. --More 2343 Local Time 2043 GMT
