WASHINGTON (dpa-AFX) - After recovering from initial weakness to end the previous session mostly higher, stocks have fluctuated over the course of the trading day on Friday.
The Nasdaq and the S&P 500 are seeing some volatility on the day, although the narrower Dow has shown a notable move to the upside.
Currently, the major averages are all in positive territory. The Dow is up 377.83 points or 0.8 percent at 51,046.80, the Nasdaq is up 93.08 points or 0.4 percent at 27,010.55 and the S&P 500 is up 26.31 points or 0.4 percent at 7,589.94.
The strength currently visible on Wall Street comes as traders generally remain optimistic about a U.S.-Iran deal but seem to be waiting for more concrete developments.
Recent reports have suggested the U.S. and Iran have agreed to a framework for a 60-day extension of the ceasefire.
The agreement would purportedly facilitate the reopening of the Strait of Hormuz and enable fresh negotiations over Iran's nuclear program, although President Donald Trump has yet to sign off on the deal.
In a recent post on Truth Social, Trump said he will be meeting with advisors in the situation room to make a 'final determination' on the agreement.
Trump indicated certain less important issues have been agreed to but said Iran must agree they will never have a nuclear weapon and to immediately reopen the Strait or Homuz with no tolls.
Positive sentiment may have been generated in reaction a sharp increase by shares of Dell Technologies (DELL), with the computer maker skyrocketing by more than 32 percent .
The spike by Dell comes after the company reported better than expected fiscal first quarter results and raised its full-year guidance.
Sector News
With Dell helping lead the way higher, computer hardware stocks have skyrocketed on the day, driving the NYSE Arca Computer Hardware Index up by 8.5 percent to a new record intraday high.
NetApp (NTAP) is also posting a standout gain, with the data infrastructure company soaring by 27.9 percent after reporting better than expected fiscal fourth quarter results and providing upbeat guidance.
Substantial strength is also visible among software stocks, as reflected by the 4.8 percent spike by the Dow Jones U.S. Software Index.
Gold and brokerage stocks are also seeing considerable strength on the day, while telecom and energy stocks have shown significant moves to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday. Japan's Nikkei 225 Index surged by 2.5 percent and South Korea's Kospi spiked by 3.6 percent, reaching record closing highs.
The major European markets are seeing modest strength on the day. While the U.K.'s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index and the German DAX Index are both up by 0.3 percent.
In the bond market, treasuries have moved to the upside over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.8 basis points at 4.437 percent.
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