India, July 6 -- Stocks have shown a significant move to the upside in morning trading on Monday, adding to the strong gains posted last week. With the upward move, the tech-heavy Nasdaq has reached another new record intraday high.

The major averages have pulled back off their best levels in recent trading but remain firmly positive. The Dow is up 264.05 points or 1 percent at 26,091.41, the Nasdaq is up 178.62 points or 1.8 percent at 10,386.24 and the S&P 500 is up 36.63 points or 1.2 percent at 3,166.64.

Strength in overseas markets has carried over to Wall Street, as Chinese shares skyrocketed on the day amid positive commentary on the market from state media.

China's Securities Times said fostering a "healthy" bull market after t...