WASHINGTON (dpa-AFX) - Stocks have moved sharply higher during trading on Monday, regaining ground following the sell-off seen during last Friday's session. The major averages have all shown strong moves to the upside, although the Nasdaq and the S&P 500 remain well off last week's record highs.
The major averages have moved roughly sideways after an early surge, hovering near their best levels of the day. The Nasdaq is up 359.65 points or 1.6 percent at 22,564.08, the S&P 500 is up 79.87 points or 1.2 percent at 6,632.38 and the Dow is up 468.94 points or 1.0 percent at 45,948.54.
The substantial rebound on Wall Street comes as traders look to pick up stocks at somewhat reduced levels following the steep drop seen over the course of the previous session.
The major averages plunged to their lowest closing levels in a month amid concerns about a U.S.-China trade war, with President Donald Trump threatening a 'massive increase' in tariffs on Chinese imports in retaliation for its expansion of export controls on rare earths.
Trump stuck a more conciliatory tone in a post on social media platform Truth Social on Sunday, helping to ease the trade war worries.
'Don't worry about China, it will all be fine!' Trump said. 'Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!'
The rally comes amid a lack of major U.S. economic data, with the economic calendar likely to remain quiet throughout much of the week due to the ongoing government shutdown.
The Bureau of Labor Statistics has revealed the report on consumer price inflation that had been due to be released on Wednesday will now be released on Friday, October 24th.
While no other releases will be produced until the resumption of regular government services, the BLS noted the consumer price index data allows the Social Security Administration to meet statutory deadlines necessary to ensure the accurate and timely payment of benefits.
Due to the lack of economic data, trading this week may be driven by reaction to the latest earnings news, with financial giants Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Morgan Stanley (MS) among the companies due to report their quarterly results.
Sector News
Semiconductor and computer hardware stocks are turning in some of the market's best performances after leading Friday's sell-off, with the Philadelphia Semiconductor Index and the NYSE Arca Computer Hardware Index soaring by 4.0 percent and 3.9 percent, respectively.
Gold stocks are also seeing substantial strength as the price of the precious metal skyrockets to a new record high, resulting in a 3.8 percent spike by the NYSE Arca Gold Bugs Index.
Steel, networking and banking stocks are also showing significant moves to the upside amid broad based buying interest on Wall Street.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday, with Japanese markets closed for a holiday. China's Shanghai Composite Index dipped by 0.2 percent, while Hong Kong's Hang Seng Index tumbled by 1.5 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the French CAC 40 Index is down by 0.2 percent, the U.K.'s FTSE 100 Index is just above the unchanged line and the German DAX Index is up by 0.3 percent.
The bond markets are closed today in observance of the Columbus Day holiday.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
