Wall Street closes lower after Fed remarks

NEW YORK (AA) – Wall Street closed lower Monday with hawkish remarks from an official of the Federal Reserve.

"Low interest rates make the economy more vulnerable to adverse shocks that can put it in a recession," Fed Vice President Stanley Fischer said Monday at the Economy Club of New York.

"Low interest rates may also threaten financial stability," he said, adding that "to the extent that low long-term interest rates tell us that the outlook for economic growth is poor, all of us should be very concerned."

Fischer's remarks were perceived by investors that the possibility of a rate hike by the Fed later this year has increased, leading to a sell-off and losses, according to analysts.

The Dow lost 52 points to end the day at 18,085. The S&P 500 was down six points to 2,126 and the Nasdaq fell 14 points to 5,199.