RTTNews - After showing a substantial upward move earlier in the session, stocks are holding onto strong gains in late morning trading on Monday. The major averages are hovering firmly in positive territory, adding to the gains posted last week.
Significant strength has emerged in a variety of sectors, as traders react positively to the latest batch of economic data, including a report from the Institute for Supply Management showing a slower than expected pace of contraction in the manufacturing sector.
Airline stocks are turning in some of the market's best performances despite a continued increase by the price of oil. The Amex Airline Index is currently up 5.8 percent, moving further off its recent lows.
Steel, retail, railroad, and oil service stocks are also posting particularly strong gains. The strength among oil service stocks comes as the price of oil is up more than $1 a barrel.
The major averages have remained rangebound in recent trading, holding onto substantial gains. The Dow is currently up 202.63 at 8,702.96, the Nasdaq is up 48.01 at 1,822.34 and the S&P 500 is up 22.97 at 942.11.
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