U.S. stocks tick up amid Doha news

U.S. stocks pared early losses to trade higher around midday Monday, as investors tried to shake off pressure from a decline in oil prices following producers' failure to agree on an output freeze.

At noon, the Dow Jones Industrial Average rose 70.78 points, or 0.40 percent, to 17,968.24. The S&P 500 gained 8.40 points, or 0.40 percent, to 2,089.13. The Nasdaq Composite Index was up 6.55 points, or 0.13 percent, to 4,944.76.

The world's key oil producing countries failed to deliver any concrete agreement to freeze production at the end of their ministerial meeting in Doha, Qatar, Sunday amid disagreements on the wording of the agreement.

Qatari Oil Minister Mohammed bin Saleh al-Sada said at a press conference that "the meeting reached a result which we all need more time for more consultations and talks."

Oil prices shaved most of early losses to trade mildly lower around midday Monday after Doha meeting.

In corporate news, shares of Morgan Stanley fell about 0.6 percent around midday Monday, despite the U.S.-based financial services corporation posted better-than-expected earnings for the first quarter of 2016.

On the economic front, builder confidence in the market for newly-built single-family homes remained unchanged in April at a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index.

On Friday, U.S. stocks closed mildly lower after wavering in a tight range, as investors assessed declines in oil prices amid downbeat economic data. Endit