Stocks Mixed As Wall Street Consolidates Recent Gains - U.S. Commentary

(RTTNews) - The major U.S. equity indicies are mixed in mid-morning trading, consolidating gains posted over the last three weeks. The Dow is showing a modest gain, while the Nasdaq and S&P 500 are posting mild losses.

Going into the session, signs pointed to a bout of mild profit taking. Shares have risen over the past three weeks, including a higher finish on Friday. In the absence of market-moving news, investors looked ready to trim positions and wait for additional information.

The early dip has the S&P 500 down more than 4 points to 1,995. The Nasdaq is lower by nearly 18 points to 4,699. The Dow has bucked the trend and is currently posting a gain of 8 points, rising to 17,014.

The Dow is being boosted by DuPont (DD), which is up nearly 3 percent on the session. The chemical maker is benefiting from some merger rumors. There are reports that BASF is considering a counterbid for DuPont.

Exxon Mobil (XOM) is also bolstering the Dow. Shares of the oil giant are up about 2 percent, helped by a continued advance in oil prices.

Oil rallied about 10 percent last week, helping global markets recover as fears of a severe economic slowdown eased somewhat. The climb has continued in Monday's early trading, with oil currently up $1.10 to $37.02 a barrel.

Looking overseas, most Asian shares rose to hit two-month highs on Monday, as China announced new economic targets at the country's parliamentary meeting and a robust February U.S. jobs report suggested that fears of recession have been overdone.

China's The Shanghai Composite index rose 53.60 points or 0.81 percent to 2,897.34. Japan's Nikkei average did not contribute to the rally in the region, dropping 103.46 points or 0.61 percent to 16,911.32.

European shares remain in the red. Germany is leading the decline, falling by about 0.7 percent. France and the U.K. are showing declines of 0.6 percent and 0.4 percent, respectively.