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Stocks lower as consumer discretionary lags

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(CNBC) — U.S. stocks closed lower on Monday, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official.

 

Fed Vice Chair Stanley Fischer warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions, making the economy more vulnerable.

 

“We are very close to our targets” of full employment and 2 percent inflation, he said. “So we’re not in deep trouble with monetary policy at the moment,” he responded when asked about the concept of raising the Fed’s inflation target.

 

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