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Tech-Heavy Nasdaq Remains Sharply Higher In Afternoon Trading

(RTTNews) - After an early move to the upside, stocks remain mostly positive in afternoon trading on Monday. The major averages are extending the strong upward move seen last Friday, with the tech-heavy Nasdaq leading the way higher.

In recent trading, the major averages have reached new highs for the session. The Dow is up 189.61 points or 0.6 percent at 34,915.08, the Nasdaq is up 337.16 points or 2.5 percent at 14,107.73 and the S&P 500 is up 53.22 points or 1.2 percent at 4,485.07.

The strength on Wall Street comes as traders continue to pick up tech stocks at reduced levels, with the Nasdaq bouncing further off the eight-month closing low set last Thursday.

Positive analyst comments are also contributing to the strength in the tech sector, with Netflix (NFLX), Tesla (TSLA) and Spotify (SPOT) all posting strong gains following upgrades.

Netflix and Spotify were both upgraded to Buy from Neutral by Citi, while Credit Suisse raised its rating on Tesla's stock to Outperform from Neutral.
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