WASHINGTON (dpa-AFX) - Following the long Memorial Day weekend, stocks have moved mostly higher over the course of the trading session on Tuesday. With the upward move, the Nasdaq and the S&P 500 have reached new record intraday highs.
Currently, the Nasdaq is up 357.91 points or 1.4 percent at 26,701.88 and the S&P 500 is up 59.10 points or 0.8 percent at 7,532.57.
The narrower Dow, on the other hand, has pulled back well off its early highs and is currently down 28.28 points or 0.1 percent at 50,551.42.
The jump by the tech-heavy Nasdaq comes amid a sharp increase by shares of Micron Technology (MU), with the chipmaker soaring by 18.5 percent.
Micron is surging after UBS increased its price target on the company's stock to $1,625, which would reflect a more than 100 percent spike compared to its closing price last Friday.
With Micron leading the way higher, semiconductor stocks have shown a substantial move to the upside, driving the Philadelphia Semiconductor Index up by 5.6 percent to a record intraday high.
Considerable strength is also visible among airline stocks, with the NYSE Arca Airline Index soaring by 5 percent to its best intraday level in almost three months.
Gold, steel and networking stocks are also seeing notable strength, while energy stocks are under pressure amid a steep drop by the price of crude oil.
U.S. crude oil futures are plunging by nearly 3 percent amid persistent optimism about an end to the U.S. war with Iran.
President Donald Trump said in a post on Truth Social on Monday that negotiations with Iran 'are proceeding nicely!'
Traders have seemingly shrugged off news the U.S. military launched what it described as 'self-defense' strikes in southern Iran, targeting missile sites and boats near the Strait of Hormuz.
In U.S. economic news, a report released by the Conference Board showed a modest deterioration in consumer confidence in the month of May.
The Conference Board said its consumer confidence index dipped to 93.1 in May from an upwardly revised 93.8 in April.
Economists had expected the consumer confidence index to edge down to 92.0 from the 92.8 originally reported for the previous month.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index fell by 0.3 percent, while China's Shanghai Composite Index dipped by 0.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is up by 0.6 percent, the German DAX Index is down by 0.5 percent and the French CAC 40 Index is down by 0.6 percent.
In the bond market, treasuries have moved significantly higher, extending the upward move seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 6.3 basis points at 4.495 percent.
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