WASHINGTON (dpa-AFX) - Stocks have moved sharply higher during trading on Monday, extending the upward move seen over the course of last Friday's session. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the charge.
In recent trading, the major averages have reached new highs for the session. The Nasdaq is up 351.18 points or 2.0 percent at 18,135.23, the S&P 500 is up 86.61 points or 1.5 percent at 5,754.17 and the Dow is up 540.72 points or 1.3 percent at 42,526.07.
The rally on Wall Street comes in reaction to reports President Donald Trump plans to hold back some of the reciprocal tariffs set to take effect on April 2nd.
A report from the Wall Street Journal said Trump is narrowing his approach to the tariffs, likely omitting a set of industry-specific tariffs.
Bloomberg also said Trump's coming wave of tariffs is poised to be more targeted than the barrage he has occasionally threatened, citing aides and allies.
Stocks showed a significant recovery from an early sell-off on Friday following comments from Trump suggesting 'there'll be flexibility' with the reciprocal tariffs.
However, Trump said during the same remarks in the Oval Office that providing exceptions for one country means 'you have to do that for all,' furthering the uncertainty about his plans.
Sector News
Semiconductor stocks are turning in some of the market's best performances on the day, with the Philadelphia Semiconductor Index soaring by 3.1 percent.
Substantial strength is also visible among networking stocks, as reflected by the 2.9 percent surge by the NYSE Arca Networking Index.
Steel stocks have also shown a significant move to the upside, driving the NYSE Arca Steel Index up by 2.1 percent. Nucor (NUE) and Steel Dynamics (STLD) are posting strong gains after UBS upgraded the stocks to Buy from Neutral.
Retail, banking and airline stocks are also seeing considerable strength on the day, moving higher along with most of the other major sectors.
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 dipped by 0.2 percent, while China's Shanghai Composite Index rose by 0.2 percent.
The major European markets are also narrowly mixed on the day. While the French CAC 40 Index is just below the unchanged line, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.1 percent.
In the bond market, treasuries have shown a notable move to the downside amid easing trade war concerns. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.7 basis points at 4.319 percent.
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