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U.S. Stocks Remain Sharply Higher In Mid-Day Trading

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After moving sharply higher early in the session, stocks continue to see substantial strength in mid-day trading on Monday. The major averages have all shown strong moves to the upside, with the tech-heavy Nasdaq posting a standout gain.

Currently, the major averages are hovering firmly in positive territory. The Dow is up 361.91 points or 1.3 percent at 28,027.55, the Nasdaq is up 252.33 points or 2.3 percent at 11,105.87 and the S&P 500 is up 56.73 points or 1.7 percent at 3,397.70.

The strength on Wall Street partly reflects a rebound by technology stocks, which are recovering after leading the markets lower last week.

The significant advance by the Nasdaq comes after the tech-heavy index plunged by 4.1 percent last week in its worst week since March.

Apple (AAPL) has been a key driver of the markets in recent sessions and is currently up by 2.2 percent after ending the previous session at its lowest closing level in a month.

Shares of Nvidia (NVDA) are also seeing considerable strength after the graphics chip maker announced a $40 billion acquisition of chip designer Arm Holdings.

Oracle (ORCL) is also posting a standout gain amid reports the business software giant has edged out rival Microsoft (MSFT) in negotiations for the U.S. operations of TikTok.

Positive sentiment has also been generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.

Sector News

Biotechnology stocks are turning in some of the market's best performances in mid-day trading, with the NYSE Arca Biotechnology Index spiking by 3.9 percent.

Shares of Immunomedics (IMMU) are soaring after the cancer drug maker agreed to be acquired by Gilead Sciences (GILD) is a deal valued at $21 billion.

Substantial strength also remains visible among gold stocks, as reflected by the 3.5 percent jump by the NYSE Arca Gold Bugs Index.

The rally by gold stocks comes amid a sharp increase by the price of the precious metal, with gold for December delivery surging up $22 to $1,969.90 an ounce.

Banking, semiconductor, commercial real estate and software stocks are also seeing notable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index rose by 0.6 percent.

Meanwhile, the major European markets turned in a mixed performance on the day. While the French CAC 40 Index climbed by 0.4 percent, the German DAX Index and the U.K.'s FTSE 100 Index both edged down by 0.1 percent.

In the bond market, treasuries have shown a lack of direction over the course of the morning. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 0.664 percent.

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