Stocks have seen some further upside in afternoon trading on Tuesday, with the major averages rising to new highs for the session. With the upward move, stocks have further offset the steep losses posted in the previous session.

With traders using Monday's weakness as a buying opportunity, financial stocks are posting particularly strong gains. Health insurance, software, and steel stocks are also seeing significant strength, while housing stocks continue to buck the uptrend.

The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is currently up 137.15 at 7,659.17, the Nasdaq is up 35.28 at 1,537.08 and the S&P 500 is up 14.53 at 802.06.

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