U.S. shares mixed on euro zone, consumer credit spike;Dow off 0.23%

Investing.com - U.S. shares closed mixed Monday, as investors considered the implication of the euro zone elections and bargain hunters started buying in the wake of last week’s sell off as consumer credit spiked to decade highs.

Near the open of U.S. trade, the Dow Jones Industrial Average gave back 0.23%, the S&P 500 added 0.04%, while the Nasdaq Composite advanced 0.05%.  

The initial risk off fears were fuelled as the weekend Greek election increased doubts of the country complying with the bailout criteria and fuelled fears of a Greek exit from the euro zone.

Neither of the country’s two pro-bailout parties secured enough votes to form a government, as voters favored smaller parties who campaigned against harsh austerity measures.

In France, President Nicolas Sarkozy was defeated by socialist candidate François Hollande, who has been critical of the country's austerity program.

However, German Chancellor Angela Merkel stated that she will accept Francois Hollande with “open arms” as they work together to handle the debt crisis renewing hopes of an end to the economic problems in the euro zone.

Meanwhile, fears that the U.S. economic recovery is losing momentum continued to linger after Friday’s disappointing jobs data.

Official data indicated that the U.S. economy added 115,000 jobs in last month, far short of expectations for a 170,000 increase, after adding an upwardly revised 154,000 jobs in March.

However, consumer borrowing surged in March, the most in over a decade, as demand grew for educational and auto loans.

At the close of European trade, the EURO STOXX 50 closed up 1.55%, France's CAC 40 climbed 1.65% and Germany’s DAX added 0.12%.  Meanwhile, in the U.K. the FTSE 100 is closed for a holiday.

Investors are anticipating German industrial production, ECB president Mario Draghi and  FOMC member Fisher speaking on Tuesday.