WASHINGTON (dpa-AFX) - Following the sell-off seen during last Friday's session, stocks moved back to the upside during trading on Monday. Technology stocks helped lead the way higher, resulting in a notable rebound by the tech-heavy Nasdaq.
The Nasdaq ended the day well off its highs of the session but still jumped 290.85 points or 1.1 percent to 26,430.89. The S&P 500 also climbed 31.29 points or 0.4 percent to 7,690.73, while the narrower Dow bucked the uptrend and edged down 36.38 points or 0.1 percent to 51,966.03.
The strength on Wall Street came amid a rebound by technology stocks, which moved back to the upside after seeing substantial weakness in the previous session.
Bargain hunting may have contributed to the strength in the sector after the Nasdaq slumped to its lowest closing level in a month.
Computer hardware stocks turned in some of the tech sector's best performances, with the NYSE Arca Computer Hardware Index surging by 2 percent after plunging to a two-month closing low last Friday.
Significant strength was also visible among semiconductor stocks, as reflected by the 1.6 percent jump by the Philadelphia Semiconductor Index.
Outside of the tech sector, retail stocks showed a strong move to the upside, driving the Dow Jones U.S. Retail Index up by 2.2 percent to its highest closing level in well over a month.
Meanwhile, telecom stocks saw considerable weakness on the day, with the NYSE Arca North American Telecom Index slumping by 2 percent.
Utilities, brokerage and airline stocks also showed notable moves to the downside, limiting the upside for the broader markets.
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 all moved notably lower on the day. While the German DAX Index tumbled by 1.2, the French CAC 40 Index and the U.K.'s FTSE 100 Index both slumped by 1.1 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, has climbed 4.4 basis points to 5.142 percent.
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