Oil prices, meanwhile, ticked slightly lower on Monday, easing a surge in prices set off late last week as investors feared a wider regional war in the oil-rich Middle East. The U.S. West Texas Intermediate futures price -- a key measure of U.

The Dow Jones Industrial Average close down nearly 770 points, or 1.7%. The S &P 500 declined 1.1%, while the tech-heavy index slid 1.3%. The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel.