Updated from 4:07 p.m. EDTStocks in the U.S. closed to the downside Monday as record crude prices took the spotlight away from the first busy week of earnings for corporate America. The Dow Jones Industrial Average lost 108.28 points, or 0.77%, to 13,984.80, its third finish below the 14,000 level this month. The S&P 500 dropped 13.09 points, or 0.84%, at 1548.71, and the Nasdaq Composite fell 25.63 points, or 0.91%, to 2780.05. General Motors ( GM) was the main drag on the Dow, tumbling 3.6% for the day. Citigroup ( C), American Express ( AXP), and Verizon ( VZ) all fell by 2% or more. Several Internet names combined to sink the tech-heavy Nasdaq. Google ( GOOG), Yahoo! ( YHOO), eBay ( EBAY), and Amazon.com ( AMZN) each dropped at least 2%. One of the biggest stories of the day occurred away from stocks, as oil prices rose past $86 a barrel for the first time ever. Crude has already been hovering around its all-time high, and news of tensions between Turkey and Kurdish rebels in northern Iraq has been supporting prices in recent days. Oil jumped $2.44 to a record close of $86.13 a barrel. "With oil trading where it is, today's decline isn't all that surprising," said Robert Pavlik, chief investment officer with Oaktree Asset Management. "Combined with today's earnings, like Citigroup, people are now faced with more worries for the rest of the third-quarter reports as well as the fourth quarter."