U.S. Stocks Remain Firmly Positive In Mid-Day Trading

(RTTNews) - After moving notably higher early in the session, stocks have seen further upside over the course of the trading day on Monday. The major averages are adding to the strong gains posted last week to once again reach their best intraday levels in over a month.

The major averages have pulled back off their highs in recent trading but remain firmly positive. The Dow is up 246.35 points or 0.9 percent at 28,833.25, the Nasdaq is up 243.93 points or 2.1 percent at 11,823.87 and the S&P 500 is up 49.52 points or 1.4 percent at 3,526.65.

Technology stocks have helped to lead the markets higher, as reflected by the significant advance by the tech-heavy Nasdaq.

Apple (AAPL) is posting a standout gain, surging up by 5.6 percent, while Google parent Alphabet (GOOGL) and Facebook (FB) have also moved notably higher.

Shares of Twitter (TWTR) have also shown a strong move to the upside after Deutsche Bank upgraded its rating on the social media giant to Buy from Hold.

The markets also continue to benefit from optimism about a new stimulus bill even though House Speaker Nancy Pelosi said talks will "remain at an impasse" until "serious issues" with the Trump administration's latest proposal are resolved.

The White House has increased its offer to $1.8 billion in its latest proposal, but Pelosi still called the administration's proposed bill "grossly inadequate."

"The news is filled with the numbers in terms of dollars. The heart of the matter is: can we allow the virus to rage on and ignore science as the Administration proposes, or will they accept the scientific strategic plan in the Heroes Act to crush the virus," Pelosi said in a letter to her Democratic colleagues.

"We have other differences in terms of who benefits from the spending," she added. "But in terms of addressing testing, tracing and treatment, what the Trump Administration has offered is wholly insufficient."

Meanwhile, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows sent a letter to members of the House and Senate accusing Democrats of refusing to compromise on bipartisan legislation.

"It is not just about the top-line number but also about legislation that can be passed by both the House and the Senate and signed into law by President Trump to help the American people," Mnuchin and Meadows wrote.

Mnuchin and Meadows urged Congress to vote on a bill allowing the administration to spend unused Paycheck Protection Program funds while negotiations on a comprehensive package continue.

"The all-or-nothing approach is an unacceptable response to the American people," Mnuchin and Meadows wrote.

Sector News

Retail stocks continue to see substantial strength in mid-day trading, with the Dow Jones U.S. Retail Index surging up by 2.4 percent. The index has reached its best intraday level in over a month.

Shares of Dillard's (DDS) are soaring after Berkshire Hathaway investment manager Ted Weschler disclosed a nearly 6 percent personal stake in the department store chain.

Significant strength has also emerged among software stocks, as reflected by the 1.5 percent gain being posted by the Dow Jones U.S. Software Index. The index has also reached a one-month intraday high.

Brokerage stocks have also shown a strong move to the upside on the day, driving the NYSE Arca Broker/Dealer Index up by 1.2 percent.

Semiconductor and utilities stocks are also seeing notable strength, while oil service stocks have moved sharply lower along with the price of crude oil.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday, although Japan's Nikkei 225 Index bucked the uptrend and dipped by 0.3 percent. China's Shanghai Composite Index spiked by 2.6 percent, while Australia's S&P/ASX 200 Index rose by 0.6 percent.

Most European stocks also moved to the upside on the day, with the French CAC 40 Index and the German DAX Index both climbing by 0.7 percent. However, the U.K.'s FTSE 100 Index fell by 0.3 percent.

Meanwhile, the bond markets are closed on the day due to the Columbus Day holiday. Treasuries saw considerable volatility last Friday before ending the session slightly higher.