WASHINGTON (dpa-AFX) - With traders returning to their desks following the holiday season, stocks have moved mostly higher during trading on Monday. The major averages have all moved to the upside, with the Dow reaching a new record intraday high.
Currently, the major averages are just off their highs of the session. The Dow is up 645.08 points or 1.3 percent at 49,027.47, the Nasdaq is up 209.56 points or 0.9 percent at 23,445.18 and the S&P 500 is up by 50.45 points or 0.7 percent at 6,908.92.
The notable advance by the Dow partly reflects a sharp increase by shares of Chevron (CVX), with the energy giant spiking by 4.7 percent.
Chevron, which is one of the leading private oil companies in Venezuela, is surging following a U.S. attack on the country that led to the capture of President Nicolás Maduro.
The price of crude oil has also shot up in reaction to the news, contributing to substantial strength among oil service stocks.
Reflecting the strength in the sector, the Philadelphia Oil Service Index is up by 5.2 percent amid optimism about potential gains from rebuilding Venezuela's oil infrastructure.
Gold stocks are also seeing considerable strength, as the price of the precious metal has jumped due to its appeal as a safe haven amid increased geopolitical tensions.
With gold for February delivery surging $127.50 or 2.9 percent to $4,457.10 an ounce, the NYSE Arca Gold Bugs Index is up by 4.2 percent.
Financial, airline and semiconductor stocks are also seeing significant strength, while utilities and pharmaceutical stocks have moved sharply lower.
On the U.S. economic front, a report released by the Institute for Supply Management showed its reading on U.S. manufacturing activity unexpectedly decreased in the month of December.
The ISM said its manufacturing PMI edged down to 47.9 in December after slipping to 48.2 in November, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 48.3.
With the unexpected dip, the manufacturing PMI dropped to its lowest reading of 2025.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. While Japan's Nikkei 225 Index surged by 3 percent, China's Shanghai Composite Index jumped by 1.4 percent.
Most European stocks have also moved to the upside on the day. The German DAX Index is up by 1.1 percent and the U.K.'s FTSE 100 Index is up by 0.3 percent, although the French CAC 40 Index has bucked the uptrend and edged down by 0.1 percent.
In the bond market, treasuries are regaining ground after trending lower over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.6 basis points at 4.171 percent.
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