Stocks Fluctuated, Consumer Spending Droped

U.S. stocks opened slightly higher and turned negative in the early trading on Monday, as investors digested a report on consumer spending and earnings from heavyweight Exxon Mobil Corp. The Dow Jones Industrial Average lately fell 5.14 points, or 0.03%, to 17,159.81. The S&P 500 rose 0.15 points, or 0.01%, to 1,995.14. The Nasdaq Composite lost 12.41 points, or 0.27%, to 4,622.83.

U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline, which could support future consumption. The Commerce Department said on Monday consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 0.3 percent after a 0.5 percent gain in November.

Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent as weak oil prices took a toll, but results topped Wall Street expectations due to tax benefits and a favorable arbitration ruling. Profit in the fourth quarter fell to $6.57 billion, or $1.56 per share, from $8.35 billion, or $1.91 per share in the same quarter a year earlier.

Crude-oil futures briefly tapped $50 a barrel on Monday, pushing back against earlier losses that stemmed from strikes at U.S. refineries and sluggish manufacturing data from China. On the New York Mercantile Exchange, light, sweet crude futures for March delivery swung higher by $1.11, or 2.3%, to $49.35 a barrel after touching a session high at $50.56.