RTTNews - Stocks have shown a notable move to the upside in recent trading on Monday, with the major averages moving well off their lows for the session. Nonetheless, traders appear reluctant to continue buying stocks following recent strength.
The recovery attempt is partly due to significant strength that has emerged among banking stocks. With Zions Bancorp (ZION) and Regions Financial (RF) posting notable gains, the Kbw Bank Index is currently up 2.1 percent.
While housing stocks are also moving higher following the release of a report showing stronger than expected new home sales growth in June, significant weakness remains visible among defense, retail, and airline stocks.
Technology stocks also continue to post notable losses, helping to keep the tech-heavy Nasdaq stuck in the red, as traders cash in on recent strength in the sector.
The major averages are currently posting modest losses, well off their worst levels of the day. The Dow is currently down 18.21 at 9,075.03, the Nasdaq is down 6.77 at 1,959.19 and the S&P 500 is down 1.57 at 977.69.
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