WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Monday, regaining ground following the significant weakness seen in the previous session. The tech-heavy Nasdaq has shown a notable move back to the upside.
Currently, the Nasdaq is just off its highs of the session, up 372.42 points or 1.4 percent at 26,512.46. The S&P 500 is also up 48.52 points or 0.6 percent at 7,707.96, although the narrower Dow is down 32.49 points or 0.1 percent at 51,969.92.
The strength on Wall Street comes amid a rebound by technology stocks, which have moved back to the upside following last Friday's sell-off.
Bargain hunting may be contributing to the strength in the sector after the Nasdaq slumped to its lowest closing level in a month.
Computer hardware stocks have helped lead the way higher, with the NYSE Arca Computer Hardware Index surging by 2.6 percent after plunging to a two-month closing low last Friday.
Significant strength is also visible among semiconductor stocks, as reflected by the 2.6 percent jump by the Philadelphia Semiconductor Index.
Outside of the tech sector, retail stocks have shown a strong move to the upside, driving the Dow Jones U.S. Retail Index up by 2.1 percent to its highest intraday level in well over a month.
Buying interest has also been generated in reaction to a pullback by the price of crude oil, with U.S. crude oil futures giving back ground after skyrocketing over the past several sessions.
The decrease by the price of crude oil comes after President Donald Trump signed an executive order waiving key provisions of new sanctions against Russia, claiming that the move is in the national interests of the U.S.
Meanwhile, utilities stocks are seeing considerable weakness on the day, dragging the Dow Jones Utility Average down by 1.6 percent. The average ended last Friday's trading at a one-month closing high.
Interest rate-sensitive housing and telecom stocks have also moved to the downside amid an increase in treasury yields.
On the U.S. economic front, a report released by the National Association of Home Builders showed a bigger-than-expected deterioration in U.S. homebuilder sentiment in the month of October.
The report said the NAHB/Wells Fargo housing market index fell to 29 in October from 32 in September. Economists had expected the index to edge down to 31.
With the bigger-than-expected decrease, the housing market index dropped to its lowest level since hitting a matching figure in June 2012.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday. Japan's Nikkei 225 Index slid by 0.6 percent, while China's Shanghai Composite Index rose by 0.4 percent.
Meanwhile, the major European markets have all moved sharply lower on the day. The German DAX Index is down by 1.6 percent, the French CAC 40 Index is down by 1.5 percent and the U.K.'s FTSE 100 Index is down by 1.2 percent.
In the bond market, treasuries have moved to the downside over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.9 basis points at 5.127 percent.
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