RTTNews - After moving sharply higher in early trading on Tuesday, stocks have pulled back off their best levels of the day but remain mostly positive in late morning trading. The major averages are all in positive territory after ending the previous session mixed.
Significant strength remains visible among housing stocks, which have benefited from the release of a report from Standard and Poor's showing that the annual rate of decline in home prices slowed by more than expected in the month of June.
Airline stocks are also seeing considerable strength, extending a recent upward move amid a pullback by the price of oil. Most of the other major sectors are also moving higher, with biotech, retail, gold, and financial stocks posting notable gains.
On the other hand, oil service stocks are giving back some ground, pulling back off their recent highs along with the price of crude oil. Moderate weakness has also emerged among tobacco and natural gas stocks.
The major averages are currently posting strong gains, although they are well off their highs for the session. The Dow is currently up 80.04 at 9,589.32, the Nasdaq is up 12.57 at 2,030.55 and the S&P 500 is up 7.67 at 1,033.24.
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