U.S. stocks opened lower on Monday as consumer spending rose on worries about the deteriorating economy.
The Dow Jones Industrial Average plunged 0.85 percent, or 67.7 points to 7,933.16 at 10:10 a.m. The Standard & Poor’s 500 index fell 6 points, or 0.73 percent to 819.88, while the Nasdaq rose 4.19 points, or 0.28 percent to 1,480.61
Consumer spending dropped for the sixth straight month in December to 1 percent, the U.S. Commerce Department said Monday.
Mattel Inc, the world's top toy company, reported a nearly 50 percent decline in its quarterly profit, hit by a strong dollar and weak holiday season sales.