U.S. stocks closed slightly higher amid oil recovery Monday, as Wall Street turned cautious after five consecutive weeks of solid gains.
The Dow Jones Industrial Average rose 21.57 points, or 0.12 percent, to 17,623.87. The S&P 500 added 2.02 points, or 0.10 percent, to 2,051.60. The Nasdaq Composite Index was up 13.23 points, or 0.28 percent, to 4,808.87. On Friday, U.S. stocks ended higher as the Federal Reserve's decision to keep interest rates unchanged continued to drive the stock market.
All three major indices had posted a five-week winning streak by Friday, boosted by rebounding commodity prices, stimulus announcement from the European Central Bank, and the U.S. Fed's decision. Oil volatility was also in focus. Oil prices pared early losses to end higher Monday as the market expected the crude supply glut to ease.
On the economic front, U.S. existing-home sales tumbled in February amidst unshakably low supply levels and steadfast price growth in several sections of the country, according to the National Association of Realtors. Total existing-home sales of the country dropped 7.1 percent to a seasonally adjusted annual rate of 5.08 million units in February from 5.47 million in January.
"February's existing home sales pullback is likely partially in response to inclement weather that arrived across the U.S. slightly later than usual this winter season, evident in the large drop off in sales in the Northeast," said Sophia Kearney-Lederman, an economic analyst at FTN Financial.
Overseas, Chinese benchmark Shanghai Composite Index extended a six-day winning streak to climb 2.15 percent Monday, reclaiming the 3,000-point mark for the first time in two months. European equities fell slightly Monday. German benchmark DAX index at Frankfurt Stock Exchange edged down 0.02 percent, while British benchmark FTSE 100 Index dipped 0.08 percent.
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