U.S. stocks fell on Monday, as commodities prices were pressured by a rising dollar and financial shares tumbled.

Shares erased early gains and turned negative as a drop in oil prices sent energy and basic material shares lower. Crude futures lost 2.3 percent to settle below 79 U.S. dollars a barrel in New York as the dollar rebounded from a 14-month low against the euro. Shares of Exxon Mobil Corp. and ConocoPhillips were hurt.

Performance of financial sector was weak. Rochdale Securities bank analyst Dick Bove downgraded Fifth Third Bancorp, SunTrust Banks Inc. and U.S. Bancorp, which refreshed investors' concern about banks. Bove's decision of lowering Wells Fargo & Co. to a "sell" last Wednesday had triggered a sell-off in financials and led the big board sharply lower.

Technology sector fared better than other parts of the market as JPMorgan Chase raised share price estimate of Microsoft Corp. Meanwhile, chip maker Marvell Technology raised its fiscal third-quarter revenue forecast.

In earnings, Dow component Verizon Communications reported a 30 percent drop in third quarter's profit but still beat analysts' expectations. RadioShack Corp.'s third-quarter sales topped expectations, giving a boost to retailers.

The Dow Jones fell 104.22, or 1.05 percent, to 9,867.96. Broader indexes also tumbled. The Standard & Poor's 500 index slipped 12.66, or 1.17 percent, to 1,066.94 and the Nasdaq dipped 12.62, or 0.59 percent, to 2,141.85.

(Xinhua News Agency October 27, 2009)