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Major Averages Hovering Near Best Levels Of The Day

wallstreet nov01 09sep20 lt

After showing a strong move to the upside early in the session, stocks continue to see significant strength in mid-day trading on Wednesday. With the rally on the day, the major averages are partly offsetting the sharp pullback seen over the three previous sessions.

Currently, the major averages are hovering near their best levels of the day. The Dow is up 525.78 points or 1.9 percent at 28,026.67, the Nasdaq is up 285.01 points or 2.6 percent at 11,132.70 and the S&P 500 is up 71.04 points or 2.1 percent at 3,402.88.

The strength on Wall Street comes as traders look to pick up stocks at relatively reduced levels following the recent sell-off.

Technology stocks are showing a substantial rebound after leading the markets lower over the past few sessions.

Tech giants Apple (AAPL) and Microsoft (MSFT) are posting standout gains on the day, jumping by 4.4 percent and 4.1 percent, respectively.

With Microsoft helped to lead the way higher, software stocks have shown a significant move to the upside on the day.

Reflecting the strength in the software sector, the Dow Jones U.S. Software Index has surged up by 3.7 percent. The index remains well off the record high set a week.

Gold stocks are also seeing considerable strength in mid-day trading, with the NYSE Arca Gold Bugs Index spiking by 3.1 percent.

The rally by gold stocks comes amid an increase by the price of the precious metal, as gold for December delivery is climbing $8 to $1,951.20 an ounce.

Chemical, semiconductor and retail stocks are also seeing notable strength on the day, reflecting broad based buying interest.

Meanwhile, airline stocks are among the few groups bucking the uptrend, dragging the NYSE Arca Airline Index down by 2.7 percent.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index slid by 1 percent, while China's Shanghai Composite Index plummeted by 1.9 percent.

Meanwhile, the major European markets showed strong moves to the upside on the day. While the German DAX Index surged up by 2.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both jumped by 1.4 percent.

In the bond market, treasuries have moved modestly lower over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.1 basis points at 0.695 percent.

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