U.S. Stocks Moving Mostly To The Upside

Stocks have moved mostly higher during trading on Monday, adding to the gains posted in the previous session. The major averages have all moved to the upside on the day.

Currently, the Dow is up 230.34 points or 0.7 percent at 34,577.24, the Nasdaq is up 65.66 points or 0.5 percent at 13,656.31 and the S&P 500 is up 20.97 points or 0.5 percent at 4,426.68.

The advance by the Dow is partly due to a surged by shares of 3M Co., with the industrial conglomerate spiking by 4.1 percent.

3M is spiking after a report from Bloomberg News said the company tentatively agreed to resolve more than 330,000 lawsuits related to its defective earplugs.

Oil service stocks have also shown a strong move to the upside on the day, driving the Philadelphia Oil Service Index up by 2.1 percent.

The strength among oil service stocks comes as the price of crude oil for October delivery is climbing $0.70 to $80.53 a barrel.

A modest increase by the price of gold is also contributing to strength among gold stocks, with the NYSE Arca Gold Bugs Index rising by 1.6 percent.

Telecom, steel and banking stocks are also seeing notable strength, moving higher along with most of the other major sectors.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index surged by 1.7 percent, while China’s Shanghai Composite Index jumped by 1.1 percent.

The major European markets have also moved to the upside on the day, with the U.K. markets closed for a holiday. While the French CAC 40 Index has shot up by 1.5 percent, the German DAX Index is up by 1.1 percent.

In the bond market, treasuries have pulled back off their best levels of the day but remain in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.1 basis points at 4.218 percent.

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