WASHINGTON (dpa-AFX) - Stocks have moved modestly higher during trading on Monday, adding to the strong gains posted last week. The major averages have all moved to the upside, although buying interest appears relatively subdued.
Currently, the major averages are off their highs of the session but still in positive territory. The Dow is up 101.40 points or 0.2 percent at 46,606.07, the S&P 500 is up 19.49 points or 0.3 percent at 6,602.18 and the Nasdaq is up 85.05 points or 0.4 percent at 21,964.23.
Traders seem reluctant to make more significant moves amid uncertainty about the U.S. war with Iran following President Donald Trump's latest threats.
In an expletive-laden Truth Social post Easter Sunday morning, Trump once again threatened to attack Iran's power plants and bridges unless the Strait of Hormuz is reopened by 8 pm ET on Tuesday.
Crude oil prices initially extended last Thursday's spike in reaction to Trump's comments but have given back ground since then amid reports of indirect talks between the U.S. and Iran about a potential ceasefire.
A report from Axios citing four U.S., Israeli and regional sources said the U.S., Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war.
Reuters also reported that the U.S. and Iran are weighing ?the framework of a plan to end the five-week-old conflict but noted Tehran has pushed back against pressure to swiftly reopen the Strait of Hormuz.
A source aware of the proposals told Reuters the Pakistani-brokered plan calls for an immediate ceasefire, followed by negotiations on a broader peace settlement to be concluded within 15 to 20 days.
However, a senior Iranian official told Reuters that Iran won't reopen the Strait of Hormuz as part of a temporary ceasefire, nor would it accept deadlines or pressure to reach a deal.
A White House official told CNBC that Trump has 'not signed off' on the 45-day ceasefire proposal and suggested the president will provide more information at a press conference at 1 pm ET.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Brokerage and computer hardware stocks are seeing some strength, while steel stocks have moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday, with most markets closed for holidays. Japan's Nikkei 225 Index climbed by 0.6 percent, while South Korea's Kospi jumped by 1.4 percent.
Meanwhile, the major European markets were closed on Monday in celebration of Easter Monday.
In the bond market, treasuries have climbed off their worst levels but remain in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.4 basis points at 4.337 percent.
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