RTTNews - With traders reacting positively to the latest economic and earnings news, stocks are holding onto strong gains in late morning trading on Monday. The major averages remain firmly positive, although they have moved off their best levels of the day.
Resource-related stocks are helping to lead the markets higher, with oil service stocks turning in some of the best performances. A notable increase by the price of crude oil is contributing to the strength in the sector.
The gains by oil service stocks have resulted in a 4 percent gain by the Philadelphia Oil Service Index. At its high for the session, the index was at its best intraday level in well over a month.
Significant strength is also visible among healthcare provider stocks, as reflected by the 2.6 percent gain currently being shown by the Morgan Stanley Healthcare Provider Index. Banking, chemical, and transportation stocks are also showing notable moves to the upside.
On the other hand, some biotechnology and health insurance stocks are bucking the uptrend. The modest weakness in the health insurance sector comes even though Humana (HUM) reported better than expected second quarter earnings growth.
At its high for the session, the S&P 500 was above the 1,000 level for the first time since November, but it has given back some ground since. The S&P 500 is currently up 8.88 at 996.36, while the Dow is up 72.86 at 9,244.47 and the Nasdaq is up 12.04 at 1,990.54.
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