Stocks remain mostly positive in mid-day trading after showing an early move to the upside. With the gains on the day, the major averages are extending the strong upward move seen in the previous session.
Currently, the major averages are all in positive territory, although the tech-heavy Nasdaq is outperforming. While the Nasdaq is up 160.70 points or 1.5 percent at 11,217.35, the S&P 500 is up 30.17 points or 0.9 percent at 3,413.71 and the Dow is up 109.66 points or 0.4 percent at 28,102.99.
Technology stocks have helped to lead the markets higher once again, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.
Apple (AAPL), which has been a key driver of the markets in recent sessions, has pulled back off its highs of the session is currently up by 1.5 percent.
The tech sector is extending yesterday’s rebound after seeing considerable weakness last week, although the Nasdaq remains well off its recent record highs.
The strength on Wall Street also comes on the heels of upbeat Chinese economic data, as the country’s industrial production and retail sales increased in August from a year ago and beat expectations.
Nonetheless, trading activity appears somewhat subdued ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
The Fed is widely expected to leave interest rates unchanged, but traders are likely to pay close attention to any tweaks to the accompanying statement. The central bank’s latest economic projections may also attract attention.
Meanwhile, traders have largely shrugged off a report from the Fed showing growth in U.S. industrial production slowed by much more than expected in the month of August.
The Fed said industrial production climbed by 0.4 percent in August after soaring by an upwardly revised 3.5 percent in July.