Slow gains for stocks
Lower oil prices, tame inflation outlook provide a modest boost in early going.

NEW YORK (CNNMoney.com) - Stocks got off to a slow, but positive start Monday after an upbeat economic report and easing crude prices.

The Dow Jones industrial average (up 97.74 to 10,907.21, Charts) and the Standard & Poor's 500 index (up 9.89 to 1,283.72, Charts) were up about 0.1 percent after the market open. The Nasdaq composite (up 21.23 to 2,304.23, Charts) rose about 0.2 percent.

Stocks were supported by an economic report that showed consumer spending and income rose in December while inflation stayed relatively tame.

The Commerce Department said personal spending rose 0.9 percent, but that its core consumer price index, which doesn't include often volatile food and energy prices, only added 0.1 percent in the month.

Oil prices were lower ahead of an OPEC meeting scheduled Tuesday. U.S. light crude oil for March delivery fell 22 cents to $67.54 a barrel in electronic trading.

In corporate news, Fairmont Hotels (unchanged at $43.82, Research) said it was being bought by investment groups Kingdom Hotels International and Colony Capital for $3.9 billion.

Oil major ExxonMobil (unchanged at $61.29, Research) posted quarterly results that set U.S. records for annual and quarterly profits.

Retail giant Wal-Mart (unchanged at $45.84, Research) said January sales would be at the upper end of its previously announced range.

Treasury prices eased, lifting the yield on the 10-year note to 4.52 percent, up from 4.51 percent Friday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar was higher against the euro and the yen.

COMEX gold rose $2.80 to $566.50 an ounce.

In global trade, major Asian markets ended higher, and European shares were mixed in early afternoon trading.

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