While investors were bullish on Monday on global demand for raw materials, firms that rely on consumer spending were mixed amid a broad market recovery.

After getting hammered last week, technology stocks are showing signs of recovery.

S&P 500 Index is up 10.80 points, or 1.01 percent, to trade trading 1084.67 at 12:34 PM EST, and the Dow Jones Industrial Average, up 0.83 percent to trade at 10,150.69 points.

The Dow Jones U.S. Consumer Services Index is up only 0.53 percent while the Dow Jones U.S. Basic Materials Index leads with 2.81 percent. The Dow Jones U.S. Technology Index is up 1.0 percent.


Retailer giant Wal-Mart (WMT) is up only 0.11 percent, Target (NYSE:TGT) is down 0.96 percent, and Amazon.com plunged 7.06 percent.

Disney (NYSE:DIS) is down 0.29 percent, Coca-Cola (NYSE:KO) is flat at $54.25, and H&R Block (NYSE:HRB) is also flat.

One exception is the surging restaurant sector; McDonald's (NYSE:MCD) is up 1.95 percent and Burger King (NYSE:BKC) is up 2.64 percent. Even more upscale restaurants are joining the rally; the Cheesecake Factory is up (NASDAQ:CAKE) is up 3.74 percent and Chipotle (NYSE:CMG) is up 2.46 percent.


Tech firms are recovering from a week of heavy selling. Apple (NASDAQ:AAPL) is up 0.81 percent, IBM (NYSE:IBM) up 1.27 percent, and Google (NASDAQ:GOOG) is up 0.24 percent.

Software giant Microsoft (NASDAQ:MSFT) and Qualcomm (NASDAQ:QCOM), which experienced one of the biggest declines of the S&P 500 last week, are trading slightly higher.

Basic materials

Investors' confidence of the global demand for raw materials grew and basic materials stocks soared. Cliffs Natural Resources (NYSE:CLF) is up 6.18 percent, AK Steel (NYSE:AKS) is up 5.21 percent, and Freeport-McMoran (NYSE:FCX) is up 4.74. These stocks are among the top gainers of the S&P 500.

China and the U.S. released manufacturing data today. Early in the Asian session, two separate reports showed that manufacturing expanded in China for January.

The reports initially renewed fears that the Chinese government may further withdraw liquidity; however, fears were calmed and stock markets recovered in the Asian afternoon session.

The U.S. released manufacturing data at 10:00 am. According to Bloomberg, the ISM Manufacturing PMI figure of 58.4 exceeded the highest estimate of the economists it surveyed. The highest estimate was 58 and the median was 55.5.

Manufacturing expanded for the sixth consecutive month and the 58.4 figure was the highest reading since August 2004.

President Obama also announced his 2011 budget today. His main focus was job creation and $100 billion of the $3.83 trillion budget will be allocated for that purpose.