WASHINGTON (dpa-AFX) - Following the weakness seen in the previous session, stocks have shown a strong move back to the upside during trading on Wednesday. The major averages have all climbed firmly into positive territory, with the tech-heavy Nasdaq leading the way higher.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 297.39 points or 1.2 percent at 26,168.10, the S&P 500 is up 58.36 points or 0.8 percent at 7,411.97 and the Dow is up 373.25 points or 0.8 percent at 49,737.13.
The strength on Wall Street comes amid a significant pullback by treasury yields, which are giving back ground along with the price of crude oil.
The yield on the benchmark ten-year note is pulling back off its highest levels in well over a year as U.S. crude oil futures plunge by more than 3 percent.
Crude oil futures are extending the modest decrease seen in the previous session after President Donald Trump claimed the U.S. war with Iran will end 'very quickly.'
'We're going to end that war very quickly,' Trump told lawmakers gathered at the White House for the annual congressional picnic on Tuesday. 'They want to make a deal so badly.'
'It's going to happen, and it's going to happen fast. And you're going to see oil prices plummet,' the president added.
Meanwhile, traders are also looking ahead to earnings news from Nvidia (NVDA), with the chipmaker due to report its first quarter results after the close of trading.
With Nvidia seen as a leader in the artificial intelligence space, the company's results and guidance could have a significant impact on the outlook for the markets.
Sector News
Airline stocks have moved sharply higher amid the steep drop by the price of crude oil, with the NYSE Arca Airline Index soaring by 5.8 percent.
Substantial strength is also visible among semiconductor stocks, as reflected by the 3.6 percent surge by the Philadelphia Semiconductor Index. Industry giants Advanced Micro Devices (AMD) and Intel (INTC) are posting standout gains.
Computer hardware stocks have also shown a significant move to the upside, driving the NYSE Arca Computer Hardware Index up by 2.2 percent.
Financial, gold and housing stocks are also seeing considerable strength, while oil producer stocks are moving lower along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index slumped by 1.2 percent, while Hong Kong's Hang Seng Index decreased by 0.6 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.7 percent, the German DAX Index is up by 1 percent and the French CAC 40 Index is up by 1.3 percent.
In the bond market, treasuries are regaining ground after moving sharply lower over the past several sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.6 basis points at 4.621 percent.
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