Stocks Closed Lower; Oil Prices Sank

U.S. stocks finished lower on Monday, following reports of weaker-than-expected manufacturing data and consumer spending. The Dow Jones Industrial Average fell 91.66 points, or 0.52%, to 17,598.20. The S&P 500 declined 5.80 points, or 0.28%, to 2,098.04. The Nasdaq Composite shed 12.90 points, or 0.25%, to 5,115.38.

U.S. factories were a little less busy last month. The Institute of Purchasing Managers’ manufacturing index slipped to 52.7 last month from 53.5 in June. Economists had expected the index to remain unchanged. Any reading above 50 indicates growth.

American consumers are the most confident in years. Consumer spending rose a modest 0.2% in June, one month after outlays rose at the fastest pace in a year and a half. Personal income climbed 0.4% in June for the third straight month.

The price of oil slid Monday as traders braced for softer demand. U.S. crude was down $1.80, or 3.8 percent, to $45.32 a barrel in afternoon trading in New York, the lowest price in more than four months.