S&P 500 posts longest losing streak since January

Last Updated Apr 7, 2014 5:10 PM EDT

NEW YORK -- U.S. stocks sagged again on Monday, pushing the broader market to its longest losing streak since January.

Declines were led by financial firms and consumer discretionary companies, which provide goods and services that are not must-haves for shoppers. High-growth technology stocks also continued their slump from last week, although the declines weren't as severe.

The Standard & Poor's 500 index fell 20 points, or 1.1 percent, to close at 1,845 Monday. It was the third straight down day for the index, its longest losing span since late January. The Dow Jones industrial average dropped 166 points, or 1 percent, to 16,245. The Nasdaq slipped 47 points, or 1.2 percent, to 4,079.

Fashion accessory company Fossil Group (FOSL) and used car retailer CarMax (KMX) slid 4 percent. CarMax reported disappointing results Friday.

The Federal Reserve will release minutes on Wednesday from its meeting in mid-March. Investors will be parsing the minutes from that two-day gathering to anticipate the Fed's next moves on interest rate policy and its huge bond-buying program, which the central bank is winding down.