NEW YORK (AP) - U.S. and global stocks fell for a third day on Monday, as concerned investors waited to see what the Federal Reserve would do with interest rates later this week and anxiously awaited the fate of Britain's membership in the European Union.
Firearms makers climbed as investors wondered if the mass shooting in Orlando on Sunday will lead to greater sales. Sturm Ruger advanced $4.88, or 8.5 percent, to $62.29, its largest one-day gain in more than a year, and Smith & Wesson rose $1.47, or 6.9 percent, to $22.88.
Similar gains have been recorded after other mass shootings such as the one last year in San Bernardino, California. The prospect of additional background checks and other regulations often boosts demand for guns.
The Dow Jones industrial average lost 132.86 points, or 0.7 percent, to 17,732.48. The Standard & Poor's 500 index fell 17.01 points, or 0.8 percent, to 2,079.06 and the Nasdaq composite fell 46.11 points, or 0.9 percent, to 4,848.44.
The Federal Reserve had been expected to start raising interest rates, but now appears likely to remain in a wait-and-see mode. The central bank's two-day meeting will start today, with a decision on interest rates Wednesday afternoon. Fed Chair Janet Yellen is scheduled to hold a news conference after the interest rate decision.