RTTNews - With traders expressing renewed optimism about the outlook for the economy, stocks have shown a strong upward move over the course of morning trading on Monday. The major averages have all risen to new multi-month intraday highs.
Airline stock are helping to lead the way higher, with the NYSE Arca Airline Index currently up 2.6 percent after reaching a seven-month intraday high. The strength in the sector comes in spite of a continued increase by the price of oil.
At the same time, oil service stocks are moving higher along with the price of oil, resulting in a 1.8 percent gain by the Philadelphia Oil Service Index. Crude for October delivery is currently up $0.69 at $74.58 a barrel after reaching a high of $75 a barrel.
Most of the other major sectors have also moved to the upside over the course of the morning, with banking, tobacco, and metal stocks posting notable gains. On the other hand, some retail stocks are bucking the uptrend by the broader markets.
In recent trading, the major averages have pulled back off their best levels of the day, although they remain firmly positive. The Dow is currently up 73.46 at 9,579.42, the Nasdaq is up 13.23 at 2,034.13 and the S&P 500 is up 8.30 at 1,034.43.
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