WASHINGTON (dpa-AFX) - After recovering from an early slump to end last Friday trading narrowly mixed, stocks have moved mostly higher during trading on Monday. The tech-heavy Nasdaq has shown a particularly strong move ot the upside following the steep drop seen last week.
Currently, the Nasdaq is up 306.13 points or 1.3 percent at 23,310.67 and the S&P 500 is up 47.08 points or 0.7 percent at 6,775.88.
The narrower Dow, on the other hand, has pulled back well off its highest of the session and is currently down 16.15 points or less than a tenth of a percent at 46,970.95.
The strength on Wall Street comes after the Senate voted to advance legislation to end the government shutdown, which recently became the longest in U.S. history.
The Senate voted 60-40 in favor of a temporary funding bill, which would also reverse some of the recent mass federal layoffs.
Several Democratic Senators broke with party leaders in favor of moving forward with the legislation, as it does call for a vote on the extension of enhanced Obamacare tax credits.
Final approval of the bill could be delayed by any one Senator, and the legislation still needs to be approved the Republican-controlled House of Representatives.
While the markets have largely shrugged off concerns about the shutdown in recent weeks, the news still seems to have led some traders to pick up stocks at somewhat reduced levels following recent valuation worries.
The end of the shutdown would also lead to the resumption of the release of key U.S. economic data that has recently been withheld.
'A key impact on the markets of the impasse, beyond the hit to the wider economy, has been the lack of data as key releases on areas like the jobs market have been delayed,' said AJ Bell investment director Russ Mould.
'This has created a considerable dose of the uncertainty which markets famously hate and it is also hampering the ability of the Federal Reserve to make informed decisions on interest rates,' he added. 'In this context, it's not a surprise to see investors react positively to signs of progress.'
Sector News
Gold stocks have moved sharply higher along with the price of the precious metal, with the NYSE Arca Gold Bugs Index spiking by 4.3 percent.
Considerable strength is also visible among computer hardware stocks, as reflected by the 2.9 percent surge by the NYSE Arca Computer Hardware Index.
Semiconductor, pharmaceutical and software stocks are also seeing significant strength, while airline and utilities stocks have moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index surged by 1.3 percent, while South Korea's Kospi spiked by 3.0 percent and China's Shanghai Composite Index rose by 0.5 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index is up by 1.7 percent, the French CAC 40 Index is up by 1.5 percent and the U.K.'s FTSE 100 Index is up by 1.0 percent.
In the bond market, treasuries are seeing modest weakness after ending the last Friday's trading roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.5 basis points at 4.108 percent.
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