By Rodrigo Campos
NEW YORK (Reuters) - Stocks across the globe were little changed on Monday as upbeat industrial data out of China and hopes for more stimulus in the United States were offset by jitters over tensions between Washington and Beijing.
Technology stocks fell after a run of recent gains, while crude oil prices jumped.
Industrial output in China is returning to levels recorded before the coronavirus pandemic halted huge swathes of the economy, driven by pent-up demand, government stimulus and surprisingly resilient exports.
On Wall Street, the Dow industrials <.DJI> touched a more than five-month high but the Nasdaq <.IXIC> fell as much as 1.5%, after hitting a record high last week.
Tension between the United States and China ahead of scheduled trade talks at the weekend to review an agreement signed in January was blamed for the lack of market direction.
Talks in Washington over a U.S. fiscal stimulus package for pandemic-stricken businesses and workers caused further investor uncertainty. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Sunday said they were open to resuming negotiations.
President Donald Trump has sought to take matters into his own hands by signing executive orders and memorandums aimed, among other things, at continuing unemployment benefits. The figure he put forward is less than the benefit passed earlier in the health crisis, however.
The Dow Jones Industrial Average <.DJI> rose 357.96 points, or 1.3%, to 27,791.44, the S&P 500 <.SPX> gained 9.19 points, or 0.27%, to 3,360.47 and the Nasdaq Composite <.IXIC> dropped 42.63 points, or 0.39%, to 10,968.36.
"Part of the reason the S&P 500 has been held back is we're starting to see yet another rotation to value and away from growth," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "That tends to hold back the S&P because it's so dominated by big tech."
The pan-European STOXX 600 index <.STOXX> rose 0.30% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.15%.
Emerging market stocks lost 0.26%. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.08% lower, while Japan's Nikkei <.N225> lost 0.39%.
Oil rose, supported by the Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus.
"The oil complex is heavily reliant on that aid. We need people to be able to boost economic activity to spur demand," said John Kilduff, partner at Again Capital in New York.