Stocks moved notably higher early in the trading session on Monday but have given back some ground over the course of the morning. The major averages have pulled back off their best levels but remain in positive territory.
Currently, the Dow is up 157.12 points or 0.7 percent at 24,348.02, the Nasdaq is up 31.28 points or 0.5 percent at 6,905.77 and the S&P 500 is up 11.01 points or 0.4 percent at 2,630.56.
The initial strength on Wall Street came as traders continued to pick up stocks at reduced levels following recent weakness.
The major averages are adding to the gains posted following a volatile session last Friday but remain well off their recent record highs.
Buying interest has remained somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Economic data is likely to attract attention in the coming days, with reports on producer and consumer prices likely to be in focus amid recent concerns about rising inflation.
Reaction to reports on retail sales, industrial production, housing starts, and homebuilder confidence may also impact trading.
Gold stocks have shown a significant move to the upside in morning trading, with the NYSE Arca Gold Bugs Index jumping by 2.6 percent. The index is bouncing off its lowest closing level in over a year.
The rebound by gold stocks comes amid an increase by the price of the precious metal, as gold for April delivery is climbing $4.10 to $1,319.80 an ounce.
Chemical, computer hardware, and telecom stocks are also seeing notable strength, while considerable weakness is visible among real estate stocks.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with the Japanese markets closed for a holiday. Hong Kong's Hang Seng Index dipped by 0.2 percent, while South Korea's Kospi advanced by 0.9 percent.
Meanwhile, the major European markets have moved sharply higher on the day. While the German DAX Index has jumped by 1.5 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both up by 1.2 percent.
In the bond market, treasuries have climbed back near the unchanged line after seeing initial weakness. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.833 percent.
by RTT Staff Writer
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