RTTNews - Stocks moved higher at the start of trading on Tuesday, with the major averages all climbing into positive territory after ending the previous session mixed. The initial strength was partly due to a positive reaction to the re-appointment of Ben Bernanke as Federal Reserve Chairman.
Airline, gold, and banking stocks are turning in some of the market's best performances in early trading, while housing stocks are also posting notable gains following the release of a report showing a slowdown in the pace of decline in home prices.
While home prices continued to show a negative annual rate of return in the month of June, Standard and Poor's released a report on Tuesday showing that the pace of decline slowed by more than economists had been expecting.
The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 15.4 percent in June compared to a revised 17 percent drop in May. Economists had expected prices to fall 16.4 percent compared to the same month a year ago.
S&P also said that both the 10-City and 20-City Composite Indexes posted monthly increases, with both increasing by 1.4 percent in June compared to May. This marked the second consecutive monthly increase by both indexes, which both edged up 0.5 percent in May.
In the past few minutes, the major averages have pulled back well off their highs for the young session, although they are holding onto modest gains. The Dow is currently up 27.29 at 9,536.57, the Nasdaq is up 5.22 at 2,023.20 and the S&P 500 is up 2.72 at 1,028.29.
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