U.S. stocks closed lower in light volume trade Monday, with energy stocks weighing as oil prices briefly hit their lowest in nearly three months. In U.S. economic news, the Federal Reserve is scheduled to conclude its two-day meeting Wednesday. While the central bank is not generally expected to raise rates, indications in the statement on the timing of the next hike will be key. The dollar traded mildly lower against other currencies. Light sweet crude oil for September delivery lost $1.06 to $43.13 a barrel on the New York Mercantile Exchange, while gold futures declined $3.90 to $1,319.50 an ounce. The Dow Jones industrial average fell 77.79, or 0.42 percent, to 18,493.06. The broader Standard & Poor's 500 index dropped 6.55, or 0.30 percent, to 2,168.48. The technology-heavy Nasdaq composite decreased 2.53, or 0.05 percent, to 5,097.63.