Stocks have moved mostly higher in morning trading on Monday following the mixed performance seen last week. The major averages have all moved to the upside, with the tech-heavy Nasdaq showing a particularly strong advance.
In recent trading, the major averages have reached new highs for the session. The Dow is up 215.44 points or 0.6 percent at 34,423.28, the Nasdaq is up 193.53 points or 1.4 percent at 13,664.52 and the S&P 500 is up 42.73 points or 1 percent at 4,198.59.
Economic optimism is contributing to the buying interest on Wall Street, as the country continues to reopen following the coronavirus pandemic.
Reopening plays are seeing notable strength on the day along with technology stocks, which are benefiting from a rebound in the value of bitcoin.
The economic calendar starts the week relatively quiet but picks up in the coming days with the release of reports on new home sales, consumer confidence, durable goods orders, and personal income and spending.
The personal income and spending report includes a reading on inflation said to be preferred by the Federal Reserve, which could have an impact on the outlook for monetary policy.
While the Fed has repeatedly signaled it believes the recent increase in inflation largely reflects “transitory factors,” a spike in prices could still raise concerns about the central bank tapering its asset purchases.
Software stocks are turning in some of the market’s best performances in morning trading, with the Dow Jones U.S. Software Index jumping by 2 percent.
Semiconductor, computer hardware and networking stocks are also seeing considerable strength, contributing to the advance by the tech-heavy Nasdaq.
Notable strength is also visible among airline, commercial real estate and oil stocks, while most of the other major sectors are showing more modest moves to the upside.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index edged up by 0.2 percent, while Hong Kong’s Hang Seng Index dipped by 0.2 percent.
Meanwhile, European stocks are mostly higher in light trading, with several markets in the region closed for holidays. While the French CAC 40 Index has edged up by 0.1 percent, the U.K.’s FTSE 100 Index is up by 0.2 percent.
In the bond market, treasuries have moved to the upside after ending last Friday’s trading nearly unchanged. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.1 basis points at 1.611 percent.
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