WASHINGTON (dpa-AFX) - Extending recent volatility on Wall Street, the major U.S. stock indexes have moved in notably opposite directions during trading on Friday.
While the tech-heavy Nasdaq has moved sharply lower, the Dow is adding to yesterday's strong gain, reaching its best intraday level in almost a month.
Currently, the Nasdaq is just off its low of the session, down 279.18 points or 1.1 percent at 26,433.85. The S&P 500 is also down 23.25 points or 0.3 percent at 7,720.81, but the Dow is up 188.62 points or 0.4 percent at 52,366.31.
Financial giant JPMorgan Chase (JPM) has helped lead the Dow higher, jumping by 2.5 percent. Home Depot (HD), American Express (AXP) and Disney (DIS) are also posting strong gains.
Meanwhile, renewed weakness among technology stocks is weighing on the Nasdaq amid concerns about debt-fueled AI infrastructure spending.
Computer hardware stocks are turning in some of the tech sector's worst performances, extending the nosedive seen over the past couple weeks, with the NYSE Arca Computer Hardware Index plunging by 3.2 percent.
Software, networking and semiconductor stocks are also seeing significant weakness, contributing to the slump by the Nasdaq.
Outside of the tech sector, gold stocks are seeing further upside along with the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 1.7 percent.
Banking, housing and utilities stocks are also seeing notable strength, possibly benefiting from a rotation out of tech stocks.
On the U.S. economic front, a report released by the Federal Reserve showed industrial production in the U.S. increased by more than expected in the month of September.
The Fed said industrial production climbed by 0.7 percent in September following a revised 0.1 percent uptick in August.
Economists had expected industrial production to rise by 0.4 percent compared to the unchanged reading originally reported for the previous month.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index jumped by 1.4 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.
The major European markets have also moved to the upside on the day. The German DAX Index is up by 1.1 percent, the French CAC 40 Index is up by 0.4 percent and the U.K.'s FTSE 100 Index is up by 0.3 percent.
In the bond market, treasuries are seeing modest strength following yesterday's rally. As a result, the yield on the benchmark ten-year note, which moves opposite of its, is down by 1.2 basis points at 5.075 percent.
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