updated 6/29/2010 7:44:21 AM ET 2010-06-29T11:44:21

Stocks ended on a weak note Monday after a stronger dollar brought down prices for energy and other basic materials.

Major Market Indices

The Dow Jones industrial closed down 5 points after being up for most of the day. A report that consumers saved more than they spent last month hurt retailers. Treasury prices rose, sending interest rates lower, on lingering concerns about the economy.

A rise in the dollar made commodities more expensive for foreign buyers, sending their prices lower. Crude oil fell 61 cents to $78.25 per barrel on the New York Mercantile Exchange, while gold fell. Exxon Mobil Corp. fell 1.1 percent and Freeport-McMoRan Copper & Gold Inc. fell 2.9 percent.

The government said consumer spending rose 0.2 percent last month, just above the 0.1 percent growth forecast by economists polled by Thomson Reuters. However, personal income rose 0.4 percent. The bigger increase in income versus spending signals that consumers are saving more, which could hurt retailers and hamper overall economic growth.

Major retailers fell after the report. Macy's Inc. lost 1 percent, while Amazon.com Inc. fell 2.6 percent. Home Depot Inc. fell 2 percent.

Tobacco stocks rose after the Supreme Court said it wouldn't take up a case between the government and tobacco makers. The decision prevents the government from getting billions of dollars from makers of cigarettes for anti-smoking campaigns. Reynolds American Inc. rose 4.1 percent, while Altria Group Inc., parent of Philip Morris USA, rose 3.3 percent.

A separate decision from the court signaled that gun control laws in Chicago and a nearby suburb likely would be struck down by a lower court. That gave a boost to shares of gun makers. Smith & Wesson rose 5.6 percent, while Sturm, Ruger & Co. climbed 2.2 percent.

According to preliminary calculations, the Dow fell 5.29, or 0.1 percent, to 10,138.52 after being up 58 points.

The broader Standard & Poor's 500 index fell 2.19, or 0.2 percent, to 1,074.57. The Nasdaq composite index fell 2.83, or 0.1 percent, to 2,220.65.

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Video: G-20 wrestles with how best to stabilize economy

  1. Transcript of: G-20 wrestles with how best to stabilize economy

    LESTER HOLT, anchor: And now across town to NBC 's chief White House correspondent Chuck Todd , traveling with the president, who's got some tough selling to do at this meeting. Hi, Chuck.

    CHUCK TODD reporting: Well, good evening, Lester . You know, the debate here on the world stage about the economy mirrors the debate we're seeing in Washington right now between the two major parties, which is time to do more government spending or time for deficit reduction? Handshakes and smiles all around as President Obama and leaders of the world's major industrialized nations tackled how to stabilize a fragile but recovering global economy. But behind the scenes, debate over whether to heed the Obama administration's calls to keep spending to spur economic growth or to embrace the view backed by several European capitals , a more drastic pullback to rein in mounting debt. Treasury Secretary Tim Geithner tried to play down the split.

    Secretary TIM GEITHNER: This summit must be fundamentally about growth. This will require different strategies in different countries.

    TODD: But that's become a hard sell to nations like Germany , France and Britain , nervous about the massive debt crisis in Greece .

    Mr. STUART PATRICK (Council on Foreign Relations): It's driven the European Union both to look more inwardly at its own policies...

    TODD: While not seeing eye-to-eye on deficits, the president came to these meetings with new financial overhauls of the American financial system, reforms he hopes other nations will use as a model.

    STEVE LIESMAN reporting: The US has a bit of swagger on the world stage right now when it comes to the banking reform issue because of what Congress just agreed to. On the deficit issue, I think it's losing traction.

    TODD: The president spent much of his Saturday in one-on-one meetings with key allies, including new British Prime Minister David Cameron . To emphasize the country's special relationship, the president even gave Cameron a lift on Marine One . Weather grounded Cameron 's chopper. Later, an exchange of beers to pay off a bet from the US/ England World Cup game. Turning serious on Afghanistan , while the president just this week put even more qualifiers on his July 2011 troop withdrawal deadline, the prime minister hinted patience in his country could run out before then.

    Prime Minister DAVID CAMERON: Making progress this year, putting everything we have into getting it right this year is vitally important.

    TODD: The Obama administration very nervous about those comments from Cameron , by the way. On a lighter note, we did have -- the president did find time to watch the end -- the very end of the US/ Ghana match. He was even offering a little play by play. He realized what was going on in extra time , and I'm told I will hold off, Lester , on saying what the final score was for now.

    HOLT: Yeah, don't hold off for

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