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Closing Bell: Stocks Close Lower as Utilities Drop, Oil Prices Climb

The first day of trading in the fourth quarter was rough as stocks declined Monday.

The first day of trading in the fourth quarter was rough as stocks declined. However, crude oil added to its recent rally, closing 1.2% higher at $48.81 a barrel as Iran urged oil producers to help increase oil prices. The utilities sector was the leading laggard on Monday. The Dow Jones Utilities Average Index fell over 1%. Shares of Winnebago Industries (WGO) - Get Winnebago Industries, Inc. Report jumped over 20% after the company agreed to buy Grand Design Recreational Vehicles for $500 million in cash and stock. Bass Pro Shops agreed to buy Cabela's (CAB) in a deal valued at $5.5 billion. Cabela's shares rose over 14% in trading on Monday. Bass Pro Shops offered to buy Cabela's for $65.50 a share. Shares of Merrimack Pharmaceuticals (MACK) - Get Merrimack Pharmaceuticals, Inc. Report fell after President and CEO Robert Mulroy resigned and the company announced a restructuring. It plans to cut 22% of its workforce and reduce costs by $200 million over the next two years. TheStreet's Valerie Young reports from Wall Street.

This article was written by a staff member of TheStreet.

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