(CNBC) — U.S. stocks fell on Monday, giving up gains seen earlier in the session, as the telecommunications sector suffered a sharp pullback.
The S&P 500 closed 0.8 percent lower, with telecom falling 2.7 percent to all 11 sectors lower. The decline followed news Sunday that T-Mobile agreed to buy Sprint for $26.5 billion. Some analysts are skeptical the deal will get federal approval, and shares of both companies fell sharply on Monday.
The Dow Jones industrial average erased earlier gains of 187 points and closed 147 points lower. Boeing contributed the most to declines, while McDonald’s and Apple had the greatest positive impact.
