Stocks Erased Losses to End Flat

U.S. stocks pared sharp opening losses to finish nearly unchanged on Monday, despite a 6% drop in oil prices. The Dow Jones Industrial Average fell 17.12 points, or 0.10%, to 16,449.18. The S&P 500 was down 0.86 point, or 0.04%, to 1,939.38. The Nasdaq Composite was up 6.41 points, or 0.14%, to 4,620.37.

Oil futures settled sharply lower on Monday, with downbeat economic data from China raising concerns over the outlook for energy demand, helping prices log their first decline in five sessions. March West Texas Intermediate crude settled at $31.62 a barrel, down $2, or 6%, on the New York Mercantile Exchange.

The U.S. economy could suffer, with inflation remaining too low, if recent volatility in financial markets persists and signals a slowdown in the global economy, the Federal Reserve’s second-in-command said on Monday.

Google parent Alphabet Inc reported better-than-expected quarterly revenue on Monday, boosted by strong sales of advertising on mobile devices and YouTube. Alphabet said consolidated revenue jumped 17.8 percent to $21.33 billion in the fourth quarter ended Dec. 31, from $18.10 billion a year earlier. Google’s advertising revenue increased nearly 17 percent to $19.08 billion, while the number of ads, or paid clicks, rose 31 percent, the company said.

Yahoo Inc (YHOO.O) Chief Executive Marissa Mayer is set to reveal cost-cutting plans that include slashing 15 percent of its workforce, or roughly 1,600 jobs, and closing several business units, the Wall Street Journal reported on Monday.