Energy Stocks Help Dow Extend Win Streak -- U.S. Commentary

(RTTNews) - U.S. stocks were mixed Monday, with the Dow rising for a fifth consecutive session on gains in the energy sector.

Crude oil prices continued to rocket higher, finishing the day at the highest levels of 2016 on speculation that U.S. output has dwindled.

The Dow industrials rose 65.28 points, or 0.4%, to 17.072.68. The S&P 500 gained 1.6 points, or 0.1%, to 2,001.63. However, the Nasdaq Composite finished 8.8 points, or 0.2%, lower at 4,708.25.

Shares have risen over the past three weeks, including a higher finish on Friday. In the absence of market-moving news, investors were somewhat reluctant early in the day, but risk appetite rose along with oil prices by lunch hour.

The Dow was boosted by DuPont (DD), which added 2.4 percent on the session. The chemical maker is benefiting from some merger rumors. There are reports that BASF is considering a counterbid for DuPont.

April WTI oil climbed $1.98, or 5.5%, to settle at $37.90/bbl. Prices have skyrocketed more than 35% since oil touched a 13-year low near $26.

The Energy Information Administration sees U.S. shale oil output falling by 106,000 barrels a day in April, helping to fuel oil's advance.

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.

The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.54 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.20 percent.

The DAX of Germany dropped 0.46 percent and the CAC 40 of France fell 0.32 percent. The FTSE 100 of the U.K. declined 0.27 percent and the SMI of Switzerland finished higher by 0.46 percent.