The S&P fell 42 points to 1,056.
And the Nasdaq composite dropped 84 points to 1,862.
Declining issues outnumbered advancers by a more than 10 to 1 margin.
Volume on the NYSE came to 7.6 billion shares. Nasdaq stock market volume was 3.4 billion shares.
Light, sweet crude for November delivery fell $6.07, or 6.4 percent, to settle at $87.81.
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