WASHINGTON (dpa-AFX) - Stocks have moved mostly higher over the course of the trading day on Monday, regaining ground following the pullback seen over the two previous sessions. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the charge.
Currently, the Nasdaq and S&P 500 are near their best levels of the day. The Nasdaq is up 340.23 points or 1.3 percent at 26,295.57 and the S&P 500 is up 75.28 points or 1 percent at 7,698.96, while the narrower Dow is up 257.95 points or 0.5 percent at 52,473.11.
The rebound on Wall Street may partly reflect bargain hunting, as some traders look to pick up stocks at relatively reduced levels.
After plunging last Thursday, the Nasdaq saw further downside last Friday, ending the day at its lowest closing level since early August. The S&P 500 also fell to a one-month closing low.
Buying interest has also been generated in reaction to a significant pullback by the price of crude oil, with U.S. crude oil futures tumbling by more than 2 percent.
The pullback by crude oil prices comes amid news Saudi Defense Minister Prince Khalid bin Salman has travelled to Tehran to meet with senior Iranian officials and discuss efforts to de-escalate the conflict in the Middle East.
A positive reaction to news artificial intelligence company Anthropic has publicly filed for an initial public offering has also contributed to the strength on Wall Street.
Meanwhile, traders are also looking ahead to the Federal Reserve's monetary policy announcement on Wednesday, with the central bank widely expected to leave rates unchanged.
With a quarter point rate hike still widely expected at the Fed's December meeting, traders are likely to keep a close eye on the accompanying statement.
Earnings news is also likely to remain in the spotlight next week, with Amazon (AMZN), Microsoft (MSFT) and Google parent Alphabet (GOOGL) among the companies due to report their quarterly results.
Sector News
Networking stocks have moved sharply higher over the course of the session, with the NYSE Arca Networking Index spiking by 3 percent.
Substantial strength is also visible among semiconductor stocks, as reflected by the 2.8 percent surge by the Philadelphia Semiconductor Index.
Computer hardware, banking and software stocks are also seeing notable strength, while brokerage and airline stocks have shown significant moves to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Monday. Japan's Nikkei 225 Index slid by 0.8 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.
Meanwhile, the major European markets have all moved to the upside on the day. The German DAX Index is up by 1.3 percent, the French CAC 40 Index is up by 1.1 percent and the U.K.'s FTSE 100 Index is up by 0.7 percent.
In the bond market, treasuries have moved higher over the course of the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.2 basis points at 4.966 percent.
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