NEW YORK, New York - U.S. stocks were in and out of positive territory Monday, but in the end all bourses managed to finish in the black.
Earlier gains evaporated when the U.S. long-term Treasury yields surpassed a 3 percent yield, but a strong burst of buying over-sold technology stocks pushed the major indices higher.
Oliver Pursche, senior vice president at Wealthspire Advisors, told Reuters on Monday that Treasury yields are currently reflecting an aggressive Fed tightening mode.
How flexible and willing to take their foot off the pedal will the Federal ReserveFederal Reserve be? The Nasdaq Composite rose 201.38 points or 1.63 percent to 12,536 at the finish. The Dow Jones industrials gained 84.29 points or 0.26 percent to 33,061. The Standard and Poor's 500 added 23.45 points or 0.57 percent to 4,155. The U.S. dollar's strength remained intact, with the euro falling further to 1.0504. The British pound fell to 1.2488. The Japanese yen has softened to 130.19. The Swiss franc plunged to 0.9782.
Only the Australian dollar was able to beat the storm Monday, finishing largely unchanged at 0.7051.
On overseas equity markets, the UK, China and Hong Kong bourses were closed for public holidays.
The Dax dropped 1.13 percent in Germany. The Paris-based CAC 40 was off 1.66 percent.
The Nikkei 225 in Japan fell 29.37 points or 0.11 percent to 26,818. The Australian All Ordinaries fell 101.20 points or 1.31 percent to 7,623. In New Zealand, the S&P NZX 50 dropped 99.94 points or 0.84 percent to 11,784.