WASHINGTON (dpa-AFX) - Stocks have seen considerable volatility over the course of the trading day on Thursday, with the major averages swinging back and forth across the unchanged line following the mixed performance seen in the previous session.
Currently, the major averages are all in positive territory. The Nasdaq is up 146.28 points or 0.6 percent at 26,016.93, the S&P 500 is up 33.48 points or 0.5 percent at 7,516.19 and the Dow is up 116.88 points or 0.2 percent at 52,465.27.
The volatility on Wall Street comes as traders weigh renewed strength among chipmakers against concerns about renewed U.S.-Iran tensions.
Reflecting the strength in the semiconductor stocks, the Philadelphia Semiconductor Index has surged by 4.5 percent, continuing to regain ground after hitting a one-month intraday low on Monday.
Within the sector, Sandisk (SNDK) and Micron Technology (MU) are posting standout gains, spiking by 7.7 percent and 9.5 percent, respectively.
Substantial strength is also visible among computer hardware stocks, as reflected by the 3.9 percent jump by the NYSE Arca Computer Hardware Index.
Brokerage, networking and airline stocks are also seeing considerable strength on the day, while energy stocks are giving back ground along with the price of crude oil.
U.S. crude oil futures are tumbling by 1.5 percent even after the U.S. conducted an additional round of strikes against Iran on Wednesday.
U.S. Central Command said forces attacked about 90 military targets in an effort to further degrade Iran's ability to attack commercial shipping in the Strait of Hormuz.
'This is in retribution for yesterday's bombing of ships by Iran. If it happens again, it will get much worse!' President Donald Trump said in a post on Truth Social.
Iran reportedly responded to the latest round of U.S. airstrikes with attacks targeting Bahrain, Kuwait and Qatar.
Speaking to reporters aboard Air Force One, Trump claimed Iran wants to 'make a deal so badly' but questioned whether they are 'worthy of making a deal.'
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index jumped by 1.4 percent, while Hong Kong's Hang Seng Index slid by 0.7 percent.
The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.3 percent, the German DAX Index and the French CAC 40 Index are both up by 0.7 percent.
In the bond market, treasuries are seeing modest strength after moving sharply lower over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.4 basis points at 4.555 percent.
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