After the Commerce Department said consumer spending rose modestly in May, U. S. stocks were flat on Monday.

After a stagnant April, consumers cracked open their wallets a bit in May with spending rising 0.2 percent, while incomes rose 0.4 percent and prices declined less than 0.1 percent.

It has been reported that the Group of 20 summit ended on Sunday with world leaders pledging to reduce government debt. Contrary to a G20 meeting a year ago, when stimulus spending was the order of the day, leaders in Toronto agreed to reduce public debt in half by 2013 and to stabilize their budgets by 2016.

The Dow Jones industrial average by close was virtually flat, down 5.29 or 0.05 percent to 10,138.52. The Standard & Poor's 500 index lost 2.19 or 0.2 percent to 1,074.57.

The Nasdaq composite index shed 2.83 or 0.13 percent to 2,220.65.

1,420 stocks advanced and 1,626 declined on a volume of 8.2 billion shares traded on the New York Stock Exchange.

The benchmark 10-year Treasury note rose 25/32 to yield 3.021 percent.

From Friday's $1.2386, the euro fell to $1.2275. The dollar, against the yen, rose to 89.36 yen from Friday's 89.27 yen. (With Inputs from Agencies)