Dow Jones Industrial Average Drops Despite 1.6% Gain From Apple Inc Ahead Of Earnings

U.S. stocks closed lower Monday, despite the Standard & Poor's 500 hitting an intraday record as biotechnology stocks weighed on the Nasdaq composite and Standard & Poor's 500, driven by declines from drug developer Celladon Corp. and pharmaceutical company Mylan NV. However, shares of Dow component Apple Inc. (NASDAQ:AAPL) leaped 1.6 percent to close at $132.40 as the company prepares to release its latest quarterly results after the closing bell.