By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market is recovering from session lows and moving modestly higher on Monday, following a dip earlier in the trading session. The uptick in trading follows big losses last week that had been triggered by global economic growth concerns.

Monday's trading was focused on key technical levels, especially as there is no data on the economic calendar and bond markets are closed for Columbus Day holiday.

The S&P 500 (SPX) hovered near 1,907, marginally higher on the day.The benchmark index has pulled back more than 5% from its peak reached on Sept. 18.

All of the main benchmarks fell below their 200-day moving averages by Monday morning. Falling below the 200-day moving average level, and in the case of the S&P 500, below the 1,900 level, is considered significant as many analysts see the breach as a sign of further declines. Vote here: Does this stock slump have further to go?

The Dow Jones Industrial Average (DJI) added 30 points, or 0.2%, to 16,572.55. The blue-chip index turned negative for the year on Friday.

The Nasdaq Composite (RIXF) gained 18 points, or 0.4%, to 4,296.12. The Russell 2000 (RUT) was the best performer, adding 13 points, or 1.3%, to 1,066.52.

Investors are likely to turn their attention to earnings season, which gets under way in earnest on Tuesday, with major banks such as J.P. Morgan Chase & Co.(JPM) and Citigroup Inc. (C) among those due to report.

Earnings boost to come? Christian Tegllund Blaabjerg, senior strategist at Danske Bank Markets, expects the earnings season to provide a boost for U.S. stocks. "In the U.S., EPS (earnings per share) growth expectations are 5% year-over-year, which should easily be beaten, providing equity markets with renewed hope after disappointing macro numbers," he said.

Federal Reserve Vice Chairman Stanley Fischer was among several Fed officials who spoke over the weekend. He said Saturday that an eventual rate rise from the central bank won't damage the global economy. Also: Fed's Evans: Stronger dollar is a headwind

Stocks to watch:

CSX Corp. (CSX) jumped 10%. Citing sources, The Wall Street Journal reported that Canadian Pacific Railway Ltd. (CP) approached CSX about a tie-up. CSX rebuffed the overture, made in the past week, those sources said. It's unclear if Canadian Pacific will pursue it.

Shares of Tekmira Pharmaceuticals Corp. (TKMR) , one of the pharmaceutical companies whose drug TKM-Ebola has been used in the fight against the deadly virus, was up 0.9%.

Hazmat-suit maker Lakeland Industries Inc. (LAKE) was up 6% after a 126% jump last week on fears related to the Ebola virus. In addition, shares of face-mask maker Alpha Pro Tech (APT) rallied 10%.

J.C. Penney Co. (JCP) shares jumped as high as 6% before the bell, but trimmed those gains to 1.7% after the retailer said Home Depot executive Marvin Ellison will take over as a chief executive next year, succeeding current CEO Myron Ullman. The move comes days after J.C. Penney cut its sales forecast for the current quarter. Read about more notable stock moves in Movers and Shakers

Other markets: European stocks traded mostly flat, while Hong Kong stocks ( closed higher after strong Chinese trade data. Asian stocks finished mostly lower. Gold (GCZ4) futures were slightly higher, while crude oil (CLX4) slid.

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