WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Tuesday, regaining ground after trending lower over the past few sessions. The major averages have all moved to the upside, with the Nasdaq posting a standout gain.
Currently, the major averages are off their highs of the session but still firmly positive. The Nasdaq is up 263.65 points or 1 percent at 25,771.72, the S&P 500 is up 44.86 points or 0.6 percent at 7,488.14 and the Dow is up 248.81 points or 0.5 percent at 52,088.07.
A positive reaction to some of the latest earnings news has inspired traders to pick up stocks at relatively reduced levels following the recent weakness.
Shares of 3M (MMM) are soaring by 9.5 percent after the industrial conglomerate reported better than expected second quarter results.
Auto giant General Motors (GM) has also spiked by 3.9 percent after reporting second quarter earnings that exceeded analyst estimates.
Shares of Novartis (NVS) have also surged by 3.6 percent after the Swiss pharmaceutical company reported second quarter results that beat expectations.
Strength among technology stocks is also contributing to the rebound on Wall Street, as reflected by the jump by the tech-heavy Nasdaq.
Computer hardware stocks are turning in some of the tech sector's best performances, with the NYSE Arca Computer Hardware Index soaring by 5.1 percent.
Substantial strength is also visible among semiconductor stocks, as reflected by the 4.3 percent leap by the Philadelphia Semiconductor Index.
Outside of the tech sector, gold stocks have moved sharply higher along with the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 3.3 percent.
Brokerage, steel and pharmaceutical stocks are also seeing notable strength, while retail stocks are moving to the downside.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index surged by 3.3 percent, while China's Shanghai Composite Index jumped by 1.8 percent.
Most European stocks have also moved to the upside on the day. While the French CAC 40 Index is just above the unchanged line, the German DAX Index is up by 0.3 percent and the U.K.'s FTSE 100 Index is up by 0.4 percent.
In the bond market, treasuries are extending the notable downward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.8 basis points at 4.626 percent.
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