Significant strength remains visible on Wall Street in early afternoon trading on Tuesday, with stocks rebounding following Monday's massive losses. The major averages have all moved firmly into positive territory, although they remain well off their recent highs.
The rebound by the markets comes as some traders are using the sell-off that was seen in the previous session as a buying opportunity. Nonetheless, the release of weaker than expected economic data has helped to limit the upside for the markets.
In corporate news, defense contractor Ceradyne (CRDN) has received an approximately $77 million delivery order for XSAPI ceramic body armor plates. Ceradyne will begin shipping this XSAPI production release in the second quarter of 2009 and expects to complete the order in the fourth quarter of 2009.
Meanwhile, the owner of the Chicago Sun-Times, Sun-Times Media Group, Inc. (SUTM), revealed that it has filed for Chapter 11 bankruptcy protection, becoming yet another in the long line of failing newspapers.
The major averages have moved off their best levels of the day in recent trading, although they are holding onto strong gains. The Dow is currently up 79.25 at 7,601.27, the Nasdaq is up 22.97 at 1,524.77 and the S&P 500 is up 8.69 at 796.22.
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