NEW YORK (TheStreet) -- A positive start to the week was short-lived as stocks fell into the red Monday after crude oil prices struggled to maintain a brief rebound.
The S&P 500 slid 0.37%, falling below the 2,000 level for the first time since Oct. 30. The Dow Jones Industrial Average fell 0.39%, and the Nasdaq was down 0.66%. The fresh declines come after the S&P 500 suffered its worst week in more than two years last week, falling 3.5%.
Crude oil prices were falling again after secretary general of OPEC, Abdallah Salem el-Badri, said the oil cartel would not cut output even if oil falls below $40 a barrel. At last check, West Texas Intermediate was 1.2% lower to $57.14 a barrel. The International Energy Agency on Friday cut its forecast for oil demand in 2015 by 230,000 barrels a day to 900,000 barrels. It's the fifth time in six months the IEA has slashed its forecast.
"The much lower price environment for oil and other commodity prices will eventually cause equipment investment to slow in industries related to oil extraction, in our view," said Wells Fargo economists in a note. "However, we have maintained that [industrial] production would still hold up in the near term."
Industrial production in the U.S. in November rose 1.3%, its largest increase in nine months, compared to an estimated 0.7% increase. October data on industrial production was upwardly revised to 0.1%.