WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Tuesday, regaining ground following the significant downturn seen over the course of the previous session. The tech-heavy Nasdaq has shown a notable rebound, although the Dow is bucking the uptrend.
Currently, the Nasdaq and S&P 500 are just off their highs of the session. The Nasdaq is up 265.50 points or 1.1 percent at 25,429.86 and the S&P 500 is up 44.80 points or 0.6 percent at 7,586.20.
The narrower Dow, on the hand, is down 108.65 points or 0.2 percent at 51,875.33 due in part to a steep drop by shares of Apple (AAPL).
Apple has climbed well off its worst levels but remains down by 2.4 percent after the iPhone maker posted increased quarterly revenue and profits but forecast slightly below consensus gross margin for the current quarter.
Despite the slump by Apple, technology stocks are showing a strong move back to the upside after coming under pressure during Monday's session.
The sharp pullback seen yesterday extended the sell-off seen last Thursday and Friday, dragging the tech-heavy Nasdaq down to its lowest closing level in three months.
Semiconductor stocks are leading the tech sector higher, with the Philadelphia Semiconductor Index surging by 3.9 percent after ending the previous session at a six-month closing low.
Computer hardware, networking and biotechnology stocks are also seeing considerable strength following recent weakness.
The strength in the broader markets also comes as the price of crude oil is seeing further downside following yesterday's nosedive.
After plummeting by more than 7 percent during Monday's trading, U.S. crude oil futures are sliding by 0.7 percent amid continued optimism about a diplomatic solution to the U.S.-Iran conflict.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Tuesday, with the Japanese markets closed for a holiday. China's Shanghai Composite Index slid by 0.8 percent, while Hong Kong's Hang Seng Index rose by 0.6 percent.
Meanwhile, European have moved mostly lower on the day. While the U.K.'s FTSE 100 Index is down by 0.8 percent, the German DAX Index is down by 0.1 percent and the French CAC 40 Index is just below the unchanged line.
In the bond market, treasuries are giving back ground after moving notably higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.1 basis points at 4.935 percent.
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