US open: Stocks mixed as investors weigh economic data

US stocks were mixed on Tuesday as investors digested economic data and an increase in oil prices.

At 1559 BST, the Dow Jones Industrial Average fell 0.23%, the S&P 5600 rose 0.02% and the Nasdaq increased 0.24%.

At the same time oil prices wavered as the production of Canadian oil resumed and investors looked ahead to this Thursday’s meeting of the Organization of the Petroleum Exporting Countries.

West Texas Intermediate crude climbed 0.66% to $49.97 per barrel and Brent grew 0.42% to $49.97 per barrel at 1600 BST.

In economic data, the Commerce Department revealed US consumer spending rose 1.0% in April from a month earlier, the biggest monthly increase since August 2009. Analysts had pencilled in a 0.7% gain.

Personal income increased 0.4% in April, in line with expectations.

On the downside, data from the Conference Board showed US consumer confidence unexpectedly deteriorated in May. The Conference Board Consumer Confidence Index fell to 92.6 from 94.7 in April, missing expectations for an increase to 96.0.

The Chicago manufacturing purchasing managers’ index unexpectedly slipped into contraction in May to reading of 49.3, down from 50.4 the previous month. Analysts had forecast 50.5. A level below 50 signals contraction while a reading above that suggests an expansion.

Meanwhile, US home price appreciation remained strong in March.The S&P/Case-Shiller 20-City Composite Home Price Index rose by 5.4% in March from the same month last year, in line with expectations and the previous month’s gains.

On the corporate front, shares in Medtronic dropped despite reporting better-than-expected fourth quarter earnings and guidance for the full year.

In currencies, the dollar rose 0.63% against the pound and climbed 0.02% against the euro but dropped 0.20% versus the yen.