U.S. Stocks Move Sharply Higher, Extending Last Friday's Rebound

(RTTNews) - Stocks have moved sharply higher during trading on Monday, extending the notable rebound seen during last Friday's session. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the charge.

Currently, the major averages are just off their highs of the session. The Nasdaq is up 513.46 points or 2.3 percent at 22,786.54, the S&P 500 is up 93.07 points or 1.4 percent at 6,696.06 and the Dow is up 302.20 points or 0.7 percent at 46,547.61.

The rally on Wall Street comes as traders continue to look to pick up stocks at relatively reduced levels, as the jump seen in the previous session only partly offset the steep drop seen earlier in the week.

Concerns about valuations and the outlook for interest rates weighed on the markets for much of last week, dragging the Nasdaq and the S&P 500 down to their lowest closing levels in over two months last Thursday.

Despite the rebound on Friday, the major averages all posted steep losses for the week. The Nasdaq plunged by 2.7 percent, the S&P 500 tumbled by 2.0 percent and the Dow slumped by 1.9 percent.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Secretary of State Marco Rubio said "tremendous progress" had been made in talks with Ukrainian officials, calling the sticking points on the Trump administration's peace proposal "not insurmountable."

Semiconductor stocks have helped lead the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. The index continues to regain ground after ending last Thursday's trading at its lowest closing level in almost two months.

Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy Nasdaq.

Outside of the tech sector, gold stocks have moved sharply higher amid a modest increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 4.5 percent.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday, with the Japanese markets closed for a holiday. Hong Kong's Hang Seng Index shot up by 2.0 percent, while Australia's S&P/ASX 200 Index jumped by 1.3 percent.

The major European markets have also moved to the upside on the day. While the German DAX Index is up by 0.8 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.3 percent.

In the bond market, treasuries are seeing modest strength, extending a recent upward trend. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.1 basis points at 4.052 percent.