Major Average All In Positive Territory, Nasdaq Outperforming

(RTTNews) - After initially showing a lack of direction, stocks have moved mostly higher over the course of the trading day on Monday. The markets are extending the upward move seen late last Friday, further offsetting the sharp pullback seen in the middle of last week.

A rally by tech stocks is contributing to the strength that has emerged on Wall Street, as reflected by the outperformance by the Nasdaq.

Networking stocks are seeing considerable strength in mid-day trading, resulting in a 2 percent gain by the NYSE Arca Networking Index. With the gain, the index has reached its best intraday level in almost a month.

Infinera (INFN) has helped to lead the networking sector higher, with the provider of optical transport networking equipment, software, and services jumping by 10.8 percent.

Significant strength is also visible among biotechnology stocks, as reflected by the 1.8 percent gain being posted by the NYSE Arca Biotechnology Index. InterMune (ITMN) is posting a standout gain following some positive analyst comments.

Electronic storage, internet, and semiconductor stocks are also seeing notable strength, contributing to the strong upward move by the tech-heavy Nasdaq.

Outside of the tech sector, airline stocks are also turning in a strong performance on the day, driving the NYSE Arca Airline Index up by 1.6 percent. The index is regaining some ground after closing lower for four consecutive sessions.

The major averages are currently all in positive territory, with the tech-heavy Nasdaq posting a standout gain. While the Nasdaq is up 34.17 points or 0.8 percent at 4,124.76, the Dow is up 23.48 points or 0.1 percent at 16,514.79 and the S&P 500 is up 6.89 points or 0.4 percent at 1,884.75.