Stocks are seeing some strength in mid-morning trading on Tuesday, with traders shrugging off some weaker than expected economic data. Much of the buying interest comes as some traders use the sell-off seen in the previous session as an opportunity to get into the markets.
On the economic front, Standard and Poor's released its report on home prices in the month of January on Tuesday, with the report showing continued broad based declines in the prices of existing single family homes.
The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index for January fell 19.0 percent compared to the same month a year ago, reflecting an acceleration from a revised 18.6 percent year-over-year decline in December.
Separately, activity in the Chicago-area manufacturing sector continued to contract in the month of March, according to a report released by the Institute for Supply Management - Chicago, with the index of activity in the sector showing an unexpected decrease.
The report showed that the index of activity in the sector fell to 31.4 in March from 34.2 in February, with a reading below 50 indicating a contraction in the sector. Economists had been expecting the index to edge up to a reading of 34.3.
Meanwhile, the Conference Board's consumer confidence index edged up to 26.0 in March from a record low reading of 25.3 in February, although economists had been expecting a somewhat more significant increase by the index to a reading of 28.0.
The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is currently up 95.02 at 7,617.04, the Nasdaq is up 24.34 at 1,526.14 and the S&P 500 is up 9.22 at 796.75.
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