RTTNews - Stocks moved sharply higher at the start of trading on Monday, with the major averages seeing some further upside after rallying into the close of the previous session. A positive reaction to the latest economic data contributed to the initial strength.
Before the start of trading, the Commerce Department released a report showing an unexpected increase in personal income in April, with the growth partly due to reduced taxes and increased benefit payments associated with the government's economic stimulus package.
Resource stocks are helping to lead the way higher once again, benefiting from a continued increase in commodities prices. Healthcare provider, semiconductor, and retail stocks are also seeing significant strength in early trading.
The major averages are currently posting substantial gains, just off their highs for the young session. The Dow is currently up 100.28 at 8,600.61, the Nasdaq is up 24.18 at 1,798.51 and the S&P 500 is up 12.06 at 931.20.
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