RTTNews - With some traders picking up stocks at reduced levels following yesterday's sell-off, stocks are seeing strength in late-morning trading on Tuesday. Buying interest has remained relatively subdued, however, limiting the upside for the major averages.
The strength in the markets is partly due to the release of better than expected quarterly results from retailers such as Home Depot (HD) and Target (TGT). At the same time, an unexpected drop in housing starts has partly offset the positive sentiment.
Financial stocks are turning in some of the market's best performances, with Goldman Sachs (GS) posting a notable gain after Pali Research upgraded its rating on the financial services giant to Buy from Neutral. Shares of Goldman Sachs are currently up 2.1 percent.
A vast majority of the other sectors are also moving higher, although most are showing relatively modest upward moves. Nonetheless, significant strength is visible among steel, retail, networking, and gold stocks.
In recent trading, the Nasdaq and the S&P 500 reached new highs for the session, while the Dow remains off its best levels. The Dow is currently up 59.48 at 9,194.82, the Nasdaq is up 17.12 at 1,947.96 and the S&P 500 is up 6.07 at 985.80.
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