Stocks Move Mostly Higher In Morning Trading – U.S. Commentary
Stocks have moved mostly higher in morning trading on Monday, adding to the strong gains posted last week. The major averages have all moved to the upside, with the Dow showing a particularly strong upward move.
Currently, the major averages remain in positive territory. The Dow is up 224.61 points or 0.9 percent at 24,681.09, the Nasdaq is up 18.82 points or 0.2 percent at 7,707.21 and the S&P 500 is up 13.82 points or 0.5 percent at 2,773.64.
Early buying interest was generated in reaction to strength in the overseas markets, as traders shrug off recent concerns about a global trade war.
Traders also continue to react positively to last Friday’s Labor Department report showing stronger than expected job growth in the month of June.
A light day on the U.S. economic front may keep trading activity somewhat subdued, however, with traders look ahead to the release of reports on producer and consumer price inflation in the coming days.
Financial stocks are turning in some of the market’s best performances on the day, driving the KBW Bank Index and the NYSE Arca Broker/Dealer Index up by 1.8 percent and 1.4 percent, respectively.
Oil service, transportation, and computer hardware stocks are also seeing considerable strength, moving higher along with most of the other major sectors.
In overseas trading, stock markets across the Asia-Pacific region moved significantly higher during trading on Monday. Japan’s Nikkei 225 Index surged up by 1.2 percent, while China’s Shanghai Composite Index spiked by 2.5 percent.
European stocks have also moved mostly higher on the day. While the U.K.’s FTSE 100 Index has climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index are both up by 0.2 percent.
In the bond market, treasuries have moved to the downside amid the strength on Wall Street. As a result, the yield on the benchmark ten-year note, which moves opposite of its prices, is up by 2.2 basis points at 2.853 percent.
by RTTNews Staff Writer
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