WASHINGTON (dpa-AFX) - After moving to the downside early in the session, stocks have moved mostly higher over the course of the trading day on Tuesday. The major averages have climbed well off their worst levels and into positive territory, with the tech-heavy Nasdaq leading the rebound.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 127.87 points or 0.7 percent at 17,427.16, the S&P 500 is up 17.78 points or 0.3 percent at 5,629.63 and the Dow is up 51.14 points or 0.1 percent at 42,052.90.
The strength on Wall Street may partly reflect bargain hunting following recent weakness on Wall Street, which saw the Nasdaq and S&P 500 hit six-month intraday lows on Monday before regaining ground.
While the S&P 500 managed to reach positive territory, the Nasdaq ended the day at its lowest closing level since early last September.
Buying interest remains relatively subdued, however, as traders continue to express concerns about President Donald Trump's trade policies ahead of the announcement of reciprocal tariffs on Wednesday.
'On Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it,' White House press secretary Karoline Leavitt said.
'The President will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades,' she added. 'He's doing this in the best interest of the American worker.'
A report from the Washington Post this morning said White House aides have drafted a proposal to impose tariffs of around 20 percent on most imports to the U.S.
However, the Washington Post noted White House advisers cautioned that several options are on the table and no final decision has been made.
In U.S. economic news, a report from the Institute for Supply Management showed activity in the U.S. manufacturing sector contracted in March after two consecutive months of expansion.
The ISM said its manufacturing PMI dipped to 49.0 in March from 50.3 in February, with a reading below 50 indicating contraction. Economists had expected the index to edge down to 49.5.
Sector News
Software stocks have moved notably higher over the course of the session, driving the Dow Jones U.S. Software Index up by 1.3 percent.
Some strength has also emerged among computer hardware stocks, as reflected by the 1.0 percent gain being posted by the NYSE Arca Computer Hardware Index.
Steel stocks have also shown a strong move to the upside, while weakness remains visible among biotechnology and airline stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index crept up by less than tenth of a percent, while China's Shanghai Composite Index and Hong Kong's Hang Seng Index both rose by 0.4 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index is up by 1.3 percent, the French CAC 40 Index is up by 0.8 percent and the U.K.'s FTSE 100 Index is up by 0.5 percent.
In the bond market, treasuries have shown a strong upward move after ending the previous session little changed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 8.0 basis points at 4.165 percent.
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