U.S. stocks mustered a slight gain in the final moments of trading on Monday, capping a day of listless action that had the market headed for a downbeat close.
A slide in oil prices hammered energy stocks, including Chevron and Exxon Mobil, which ended up as the biggest decliners in the Dow Jones industrial average. Other commodities also fell, hurt by a strengthening dollar.
Monday’s sluggish trading suggests many investors were holding off on any big moves until they see a broader slice of companies report third-quarter earnings over the next few days, said David Schiegoleit, managing director of investments at the Private Client Reserve at U.S. Bank.
“A lot of participants are on the sidelines waiting to see those numbers come out and use them as a cue to move forward,” Schiegoleit said. “The big push in earnings season starts today, particularly after the close, and as we head into the rest of the week.”
All told, the Dow rose 14.57 points, or 0.08 percent, to 17,230.54. The Standard & Poor’s 500 index added 0.55 points, or 0.03 percent, to 2,033.66. The Nasdaq composite rose 18.78 points, or 0.4 percent, to 4,905.47.
Five of the 10 sectors in the S&P 500 rose, led by consumer discretionary stocks, which gained 0.5 percent. The sector is up 9 percent this year.
Energy stocks fell the most, 1.9 percent. The sector is down about 15 percent this year, hurt by the slide in oil prices. Benchmark U.S. crude fell $1.37 on Monday to close at $45.89 a barrel in New York.
Shares in Exxon Mobil fell $1.49, or 1.8 percent, to $80.99, while Chevron slid $1.26, or 1.4 percent, to $90.03.
Investors are tuned in to earnings as they hunt for insight into how the global economy is doing. Roughly 57 percent of the companies in the S&P 500 index report earnings over the next two weeks.
Data released Monday showed that China’s economic growth decelerated in the latest quarter, but relatively robust spending by Chinese consumers helped to avert a deeper downturn.
The world’s second-largest economy grew by 6.9 percent in the three months ended in September, down from the previous quarter’s 7 percent and the slowest since early 2009 in the aftermath of the global crisis. Growth of 6.8 percent had been forecast by analysts.
