WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks have given back ground over the course of the trading day on Monday. The early upward move lifted the Dow and S&P 500 to new record intraday highs.
The major averages have pulled back off their highs of the session but remain in positive territory. The Dow is up 160.07 points or 0.4 percent at 38,023.87, the Nasdaq is up 37.35 points or 0.2 percent at 15,348.32 and the S&P 500 is up 10.36 points or 0.2 percent at 4,850.17.
Stocks initially extended the rally seen to close out the previous week amid optimism about the outlook for earnings from major tech firms, with Intel (INTC), IBM Corp. (IBM) and Netflix (NFLX) among the companies due to release their quarterly results this week.
Earnings news from big-name companies like 3M (MMM), General Electric (GE), Johnson & Johnson (JNJ), Procter & Gamble (PG), Verizon (VZ), AT&T (T) and Tesla (TSLA) is also likely to attract attention in the coming days.
Buying interest has waned over the course of the session, however, as traders look ahead to the release of some key U.S. economic data later this week.
Traders are likely to keep a particularly close eye on a report on personal income and spending, as it includes readings on inflation said to be preferred by the Federal Reserve.
Reports on durable goods orders, new home sales and fourth quarter GDP are also scheduled to be released in the latter part of the week.
Sector News
Transportation stocks are seeing considerable strength on the day, resulting in a 1.8 percent jump by the Dow Jones Transportation Average.
Significant strength is also visible among housing stocks, as reflected by the 1.4 percent gain being posted by the Philadelphia Housing Sector Index. The index has reached a new record intraday high.
Tobacco, oil service and computer hardware stocks are also seeing notable strength, while most of the other major sectors are showing more modest moves.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index jumped by 1.6 percent, while China's Shanghai Composite Index plunged by 2.7 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.5 percent, the French CAC 40 Index and the German DAX Index are both up by 0.7 percent.
In the bond market, treasuries are giving back ground after trending higher over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.2 basis points at 4.094 percent.
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