Stocks post modest losses after consumer saving tops spending; Drop in oil hits energy shares

Stocks slip after consumer savings tops spending

NEW YORK — Stocks slipped after cautious consumers saved more than they spent last month and a drop in oil hit energy shares.

The government says Monday that consumer spending rose 0.2 percent last month, just above the 0.1 percent growth forecast by economists. Personal income rose 0.4 percent. That means consumers are saving more. Weaker spending could drag out a recovery.

Crude oil fell 61 cents to $78.25 per barrel. The drop hurt energy stocks.

The Dow Jones industrials are down 5 points at 10,139. The Standard & Poor’s 500 index is down 2 at 1,075. The Nasdaq composite index is down 3 at 2,221.

Falling stocks narrowly outnumbered advancers on the New York Stock Exchange. Volume came to a light 925 million shares.