WASHINGTON (dpa-AFX) - After moving seeing significant volatility early in the session, stocks moved sharply higher over the course of the trading day on Monday. The major averages all moved to the upside, with the Dow reaching a new record closing high above 52,000.
The Dow gave back some ground late in the day, but the Nasdaq and S&P 500 closed near their session highs. The Nasdaq surged 522.53 points or 2.1 percent to 25,820.14, the S&P 500 jumped 86.41 points or 1.2 percent to 7,440.43 and the Dow climbed 306.63 points or 0.6 percent to 52,182.74.
Technology stocks helped lead the rally on Wall Street, with tech-heavy Nasdaq rebounding strongly after plunging by 4.6 percent last week.
The strength in the sector came as shares of Alphabet (GOOGL) spiked by 4.8 percent following the Google parent's inclusion in the Dow Jones Industrial Average.
Within the tech sector, semiconductor stocks turned in some of the best performances, driving the Philadelphia Semiconductor Index up by 3.8 percent.
Substantial strength was also visible among networking and computer hardware stocks, with the NYSE Arca Networking Index surging by 3.7 percent and the NYSE Arca Computer Hardware Index jumping by 2.4 percent.
Outside of the tech sector, brokerage stocks showed a significant move to the downside, dragging the NYSE Arca Broker/Dealer Index down by 2.2 percent. Notable weakness among steel, airline and gold stocks also partly offset the rally by tech stocks.
Traders also kept an eye on developments in the Middle East, with the U.S. and Iran reportedly agreeing to once again pause hostilities following an exchange of strikes over the weekend.
President Donald Trump claimed in a post on Truth Social this morning that Iran has requested a meeting, with the talks set to take place in Doha, Qatar.
'Once again, the familiar pattern has played out: renewed exchanges between the U.S. and Iran over the weekend briefly unsettled markets, only for reports of both sides returning to negotiations to restore confidence by Monday morning,' said Daniela Hathorn, Senior Market Analyst at Capital.com.
'That confidence, however, may be getting ahead of the facts,' she added. 'While markets appear comfortable pricing a relatively swift normalization of energy markets, there remain clear signs that negotiations are far from straightforward.'
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday. Japan's Nikkei 225 Index rose by 0.2 percent, while China's Shanghai Composite Index jumped by 1.2 percent and Hong Kong's Hang Seng Index shot up by 1.6 percent.
Meanwhile, the major European markets moved to the downside on the day. While the French CAC 40 Index slid by 0.6 percent, the U.K.'s FTSE 100 Index and the German DAX Index both dipped by 0.2 percent.
In the bond market, treasuries showed a lack of direction throughout the session before closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 4.374 percent.
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