US stocks drift on Monday as European gloom returns

United States stocks meandered sideways on Monday as fears about Europe overshadowed recent excitement about central banks' efforts to boost the market.

Stocks opened lower, recovered by mid-afternoon to nearly flat and closed down modestly.

An index of business confidence in Germany, the biggest economy in Europe, fell for a fifth straight month. Many economists had expected it to at least remain flat. Some think Germany is headed for a recession.

The threat of the years-old European debt crisis has seemed less immediate in recent weeks as central banks unveiled measures aimed at encouraging investment and boosting the global economy.