After moving sharply higher over the course of morning trading on Tuesday, stocks continue to see significant strength in the mid-afternoon. The major averages are all posting strong gains after ending the previous session mixed.
The strength that has emerged on Wall Street is partly due to news of a successful Spanish debt auction, which eased recently renewed concerns about the European debt crisis. A batch of largely upbeat earnings news has also generated some positive sentiment.
Reflecting broad based buying interest, most of the major sectors have shown strong moves to the upside on the day. Healthcare provider stocks are posting particularly strong gains, resulting in a 3.5 percent jump by the Morgan Stanley Healthcare Provider Index.
Sunrise Senior Living (SRZ) is leading the healthcare provider sector higher, with the senior living services provide up by 12.7 percent. The gain by Sunrise comes on the heels of news that the company will receive $28 million for the sale of its interest in sixteen communities to Ventas (VTR).
Considerable strength also remains visible among networking stocks, as reflected by the 2.7 percent gain being posted by the NYSE Arca Networking Index. Acme Packet (APKT) and Ciena (CIEN) are turning in two of the networking sector's best performances.
Steel, banking, housing, and chemical stocks are also posting notable gains on the day, benefiting from the broad based buying interest.
The major averages are currently posting substantial gains, at or near their highs for the session. The Dow is up 199.77 points or 1.6 percent at 13,121.18, the Nasdaq is up 60.64 points or 2 percent at 3,049.04 and the S&P 500 is up 22.02 points or 1.6 percent at 1,391.59.
by RTT Staff Writer
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