Stocks Opened Slightly Lower ahead of Christmas Holiday

U.S. stocks opened marginally lower on Friday as investors prepared for the Christmas holiday. The Dow Jones Industrial Average lately fell 25.86 points, or 0.10%, at 24,756.43. The S&P 500 was down 1.78 points, or 0.07%, to 2,682.79. The Nasdaq Composite dropped 12.50 points, or 0.18%, to 6,952.86.

Oil prices fell Friday, as many traders packed up early and others cashed in ahead of the holiday weekend. West Texas Intermediate crude for February delivery fell 27 cents, or 0.5%, to $58.09 a barrel. February Brent crude slipped 26 cents, or 0.4%, to $64.64 a barrel.

U.S. consumer spending accelerated in November and shipments of key capital goods orders increased for the 10th straight month, the latest signs of strong momentum in the economy as the year winds down. The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6 percent last month after gaining 0.2 percent in October.

Separately, new orders for key U.S.-made capital goods fell in November after four straight months of increases. The Commerce Department said on Friday that orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, slipped 0.1 percent last month.