WASHINGTON (dpa-AFX) - Following the pullback seen over the last two sessions of the previous week, stocks moved back to the upside during trading on Monday. The major averages all moved higher on the day, although the Dow posted a relatively modest gain.
The major averages finished the day off their highs of the session but still in positive territory. The Nasdaq advanced 214.04 points or 0.8 percent to 26,169.38, the S&P 500 climbed 53.09 points or 0.7 percent to 7,676.77 and the Dow rose 146.32 points or 0.3 percent to 52,361.58.
The rebound on Wall Street may partly have reflected bargain hunting, as some traders looked 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 1 percent.
The pullback by crude oil prices came 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 also contributed to the strength on Wall Street.
Meanwhile, traders were 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 moved sharply higher over the course of the session, with the NYSE Arca Networking Index spiking by 2.9 percent.
Substantial strength was also visible among semiconductor stocks, as reflected by the 2.8 percent surge by the Philadelphia Semiconductor Index.
Computer hardware, software and oil service stocks also saw notable strength, while brokerage stocks showed a significant move 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 all moved to the upside on the day. The German DAX Index advanced by 0.9 percent, the French CAC 40 Index increased by 0.8 percent and the U.K.'s FTSE 100 Index climbed by 0.7 percent.
In the bond market, treasuries gave back ground after an early advance and spent much of the day lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.986 percent.
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