Stocks are holding onto substantial gains in late morning trading on Monday, with the major averages hovering firmly in positive territory. The markets continue to benefit from a positive reaction to the government's plan to buy up banks' toxic assets.
Financial stocks continue to turn in some of the market's best performances after the Treasury Department released details of a plan to buy up banks' toxic assets through a combination of $100 billion in TARP funds and private investment.
Significant strength is also visible among certain resource stocks amid increases in most commodities prices. Steel, oil, and natural gas stocks are posting particularly strong gains.
Most of the other major sectors have also shown strong upward moves over the course of the morning, reflecting broad based strength in the markets. Railroad, real estate, housing, and semiconductor stocks are posting notable gains.
In recent trading, the major averages have pulled back off their best levels of the day, although they continue to post standout gains. The Dow is currently up 267.85 at 7,546.23, the Nasdaq is up 49.27 at 1,506.54 and the S&P 500 is up 28.78 at 797.32.
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