Stocks Show Strong Move To The Upside - U.S. Commentary

(RTTNews) - After moving to the upside early in the session, stocks remained firmly positive throughout the trading session on Monday. The major averages have all moved to the upside, with the Nasdaq and the S&P 500 climbing further off the one-month lows set last Thursday

The Dow climbed 135.39 points or 0.6 percent to 21,993.71, the Nasdaq jumped 83.68 points or 1.3 percent to 6,340.23 and the S&P 500 surged up 24.52 points or 1 percent to 2,465.84.

The strength on Wall Street was partly due to bargain hunting, as traders continued to pick up stocks at relatively reduced levels.

Trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

Semiconductor stocks showed a significant move to the upside, driving the Philadelphia Semiconductor Index up by 2.6 percent. Nvidia (NVDA) and Micron (MU) posted standout gains.

Financial, computer hardware and transportation stocks also showed strong moves to the upside, moving higher along with most of the other major sectors.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index slumped by 1 percent, while Hong Kong's Hang Seng Index jumped by 1.4 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.7 percent, the French CAC 40 Index and the German DAX Index both jumped 1.4 percent.

In the bond market, treasuries gave back ground after trending higher in recent sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3 basis points to 2.219 percent.