Stocks fall with commodity prices

U.S. stocks fell Monday, sending the Standard & Poor's 500 Index lower for the fifth time in six days, as declines in oil and metal prices dragged down commodity producers.

Exxon Mobil Corp. lost 1.1 percent as oil slid from a seven-week high. Freeport-McMoRan Copper & Gold Inc. sank 2.9 percent. Altria Group Inc. rallied 3.3 percent as the Supreme Court rejected a White House appeal of a racketeering case against tobacco companies. Sprint Nextel Corp. climbed 6.2 percent on President Obama's plan to increase airwaves available for smartphones, laptops, and new wireless devices.

The S&P 500 fell 0.1 percent to 1,074.57. The Dow Jones industrial average slipped 5.29 points, or 0.1 percent, to 10,138.52.

Benchmark indexes opened higher after a report showing consumer purchases rose 0.2 percent after little change the prior month, Commerce Department figures showed. Incomes climbed 0.4 percent and the savings rate increased to the highest level in eight months.

Exxon Mobil retreated 1.1 percent to $58.47. Energy shares in the S&P 500 lost 1.3 percent as a group, the biggest decline among 10 industries.

Oil prices retreated on speculation that production in the Gulf of Mexico would be unaffected by a tropical storm in the region. Oil for August delivery fell 61 cents, or 0.8 percent, to $78.25 a barrel in New York.

Freeport-McMoRan slid 2.9 percent to $64.66. Gold dropped in New York after the precious metal failed to sustain gains above $1,260 an ounce, prompting selling by investors who had speculated that prices would reach a record. Copper prices fell as the dollar's advance curbed demand for the metal as an alternative investment.

Alcoa Inc. fell 1.8 percent to $11.03. The aluminum maker agreed to buy privately held Traco to expand its offering of windows and doors for commercial buildings. The transaction is expected to be completed by the end of the third quarter, Alcoa said.

Boeing Co. sank 2.1 percent to $67.30. Dubai Aerospace Enterprise said it was seeking to renegotiate plane orders with the airplane company and Airbus SAS as it attempts to reduce its debt levels, the French daily Les Echos reported.

Altria gained 3.3 percent to $20.34. Shares of the tobacco company surged after the Supreme Court refused to hear an Obama administration appeal, all but ensuring that the racketeering suit first pressed by President Bill Clinton's administration will not result in financial penalties against Altria's Philip Morris USA and R.J. Reynolds Tobacco Co.

Reynolds American Inc. shares rallied 4.1 percent to $53.45. Lorillard Inc. shares climbed 2.5 percent to $73.54.

Sprint Nextel rallied 6.2 percent to $4.46, Tellabs Inc. soared 8.2 percent to $6.89, and AT&T Inc. rose 0.7 percent to $24.95.

European stocks advanced after Group of 20 leaders responded to the European debt crisis with deficit-reduction targets and agreed to pursue higher capital requirements for banks once economic recoveries take hold.

Obama welcomed the deficit-cutting goal even as he warned against acting too quickly to pull back stimulus measures. Obama also said at the conclusion of the summit that the United States would watch closely as China relaxes its currency policy.