Stocks close lower after bank buying

Major U.S. indexes closed mostly lower Monday as investors bought banks but sold most other types of stocks, including health care and technology companies. Energy stocks sank along with oil prices.

Oil prices fell more than 4 percent after U.S. officials suggested the U.S. will take a softer stance on countries that import oil from Iran after sanctions on Iran’s energy sector go back into effect in November.

Banks rose along with interest rates as well as a solid second-quarter report from Bank of America. A strong forecast gave Deutsche Bank its biggest gain in more than a year.

Stocks finished at five-month highs Friday as investors remained optimistic about the U.S. economy even as they worried about the trade war between the U.S. and China.

Musk’s comment worries investors

Whether it’s investors betting against his stock or reporters or analysts who ask tough questions, Elon Musk has fought back, often around the clock on Twitter.

In the past few months, the Tesla and SpaceX CEO has become a bigger, more snarling presence on social media.

But when Musk called a British diver involved in the Thailand cave rescue a pedophile in front of 22.2 million Twitter followers Sunday, he may have gone one tweet too far.

The tweet, later deleted, sent investors away from Tesla stock and could expose the temperamental rocket scientist to a libel suit. In the tweets, Musk strayed from a vigorous defense of his companies into personal insult, with no facts to back it up.

“This has nothing to do with defending Tesla,” said Erik Gordon, a business and law professor at the University of Michigan. “This goes over a line where he can’t claim ‘Well, my big sin is that I go too far in defending the company.’”

Weinstein Co. finally sells

Goodbye, Weinstein Co. Hello, Lantern Entertainment.

On Monday, the beleaguered studio wrecked by sexual assault allegations against its co-founder Harvey Weinstein completed the sale of its assets to Lantern Capital Partners, closing the book on the onetime indie film powerhouse.

Lantern paid $289 million for the assets, including Weinstein Co.’s 277-film library. The Dallas-based private equity firm previously agreed to pay $310 million, but managed to secure a discount after agreeing to make payments on the studio’s contracts with filmmakers and actors.

— From wire reports