Following the upward move seen last week, stocks have moved mostly higher during trading on Monday. With the continued advance, all three of the major averages have climbed to new record intraday highs.
Currently, the major averages are hovering in positive territory. The Dow is up 79.77 points or 0.4 percent at 22,348.11, the Nasdaq is up 27.76 points or 0.4 percent at 6,476.23 and the S&P 500 is up 6.58 points or 0.3 percent at 2,506.81.
The strength on Wall Street reflects recent upward momentum, as there has not been much news to drive the markets higher.
Traders have largely shrugged off a report from the National Association of Home Builders showing a bigger than expected drop in homebuilder confidence, as the data was impacted by recent hurricanes.
The report said the NAHB/Wells Fargo Housing Market Index dropped to 64 in September from a downwardly revised 67 in August.
Economists had expected the housing market index to edge down to 67 from the 68 originally reported for the previous month.
“The recent hurricanes have intensified our members’ concerns about the availability of labor and the cost of building materials,” said NAHB Chairman Granger MacDonald.
He added, “Once the rebuilding process is underway, I expect builder confidence will return to the high levels we saw this spring.”
Semiconductor stocks have shown a significant move to the upside, driving the Philadelphia Semiconductor Index up by 1.5 percent. With the advance, the index has reached its best intraday level since 2000.
Banking, housing, and brokerage stocks are also moving higher on the day, while gold stocks are moving lower along with the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region moved to the upside during trading on Monday. Japan’s Nikkei 225 Index climbed by 0.5 percent, while Hong Kong’s Hang Seng Index jumped by 1.3 percent.
The major European markets also moved to the upside on the day. While the U.K.’s FTSE 100 Index advanced by 0.6 percent, the German DAX Index and the French CAC 40 Index rose by 0.4 percent and 0.3 percent, respectively.
In the bond market, treasuries have come under pressure after closing roughly flat for two straight sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.5 basis points at 2.227.
by RTT Staff Writer
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