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84 Days ago

New York, March 8 (IANS) The US stocks closed mixed on Monday amid surging oil, as investors tried to lock in gains after a three-week rally.

The Dow Jones Industrial Average rose 67.18 points, or 0.40 percent, to 17,073.95. The S&P 500 edged up 1.77 points, or 0.09 percent, to 2,001.76. The Nasdaq Composite Index fell 8.77 points, or 0.19 percent, to 4,708.25, reports Xinhua.

Oil prices continued to rally on Monday after last week's solid gains, with Brent crude settling above $40 a barrel, as data showed oil producers are cutting output amid low prices.

Meanwhile, with no major economic data due out Monday, investors were still digesting Friday's jobs report. The US total non-farm payroll employment increased by 242,000 in February, well above market expectations, and the unemployment rate was unchanged at 4.9 percent, the US Labour Department announced on Friday.

In February, average hourly earnings for all employees on private non-farm payrolls declined 3 cents to $25.35, following an increase of 12 cents in January. Average hourly earnings have risen by 2.2 percent year on year.

Analysts said the upbeat jobs data pointed to a modest recovery in the US economy, and created conditions for the Federal Reserve to gradually raise interest rates this year.

Overseas, Chinese shares extended their gains into a fifth straight day on Monday, encouraged by pro-growth measures and a rebound in commodity prices. The benchmark Shanghai Composite Index went up 0.81 percent to close at 2,897.34 points.

European equities moved down on Monday despite oil recovery. German benchmark DAX index at Frankfurt Stock Exchange fell 0.46 percent, while British benchmark FTSE 100 Index lost 0.27 percent. (IANS)

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