WASHINGTON (dpa-AFX) - Stocks have moved sharply higher during trading on Monday, regaining ground following the slump seen in the previous week. The major averages have all moved to the upside on the day, with the tech-heavy Nasdaq leading the charge.
Currently, the major averages are off their highs of the session but still firmly positive. The Nasdaq is up 291.10 points or 1.3 percent at 22,396.46, the S&P 500 is up 70.19 points or 1.1 percent at 6,702.38 and the Dow is up 385.92 points or 0.8 percent at 46,944.39.
The rally on Wall Street comes amid a sharp pullback by the price of crude oil, with crude for April delivery plunging by 3.4 percent after soaring by 8.6 percent last week.
Oil prices are giving back ground after President Donald Trump called on other countries to help secure the Strait of Hormuz.
'I'm demanding that these countries come in and protect their own territory, because it is their territory. It's the place from which they get their energy,' Trump told reporters aboard Air Force One on Sunday. 'And they should come and they should help us protect it.'
'Why are we maintaining the Hormuz Strait when it's really there for China and many other countries?' he asked. 'Why aren't they doing it?'
Bargain hunting is also contributing to the strength on Wall Street after the major averages dropped their lowest closing levels in over three months last Friday.
In U.S. economic news, a report released by the Federal Reserve showed industrial production in the U.S. increased by slightly more than expected in the month of February.
The Fed said industrial production rose by 0.2 percent in February after climbing by 0.7 percent in January. Economists had expected industrial production to inch up by 0.1 percent.
Sector News
Semiconductor stocks are turning in some of the market's best performances on the day, with the Philadelphia Semiconductor Index surging by 2.8 percent.
Considerable strength is also visible among computer hardware stocks, as reflected by the 2.2 percent jump by the NYSE Arca Computer Hardware Index.
Networking, airline and brokerage stocks are also seeing considerable strength, moving higher along with most of the other major sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday. Japan's Nikkei 225 Index edged down by 0.1 percent and China's Shanghai Composite Index slipped by 0.3 percent, while Hong Kong's Hang Seng Index jumped by 1.5 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 1.0 percent, the German DAX Index is up by 0.8 percent and the French CAC 40 Index is up by 0.6 percent.
In the bond market, treasuries are regaining ground after moving notably lower over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.1 basis points at 4.234 percent.
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