U.S. stocks fluctuate narrowly after recent rally

U.S. stocks wavered between gains and losses in a tight range in the morning session Monday, as Wall Street turned cautious after five weeks of solid gains.

By midday, the Dow Jones Industrial Average rose 15.17 points, or 0.09 percent, to 17,617.47. The S&P 500 edged down 1.28 points, or 0.06 percent, to 2,048.30. The Nasdaq Composite Index added 3.66 points, or 0.08 percent, to 4,799.31.

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 on Friday, boosted by rebounding commodity prices, stimulus announcement from the European Central Bank, and the U.S. Fed decision.

On the economic front, after increasing to the highest annual rate in six months, 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 dropped 7.1 percent to a seasonally adjusted annual rate of 5.08 million 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 US 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.

Oil volatility was also in focus. Oil prices pared early losses to trade higher around midday Monday, as investors digested news of a modest rise in U.S. drilling activity. Endit