While stocks have moved mostly higher in morning trading on Tuesday, weakness among some tech stocks is contributing to a loss by the Nasdaq. The major averages are subsequently turning in a mixed performance on the day.
Housing stocks have shown a strong move to the upside on the day, driving the Philadelphia Housing Sector Index up by 2.8 percent. KB Home (KBH) and M/I Homes (MHO) are turning in two of the sector's best performances.
The strength among housing stocks comes on the heels of the release of a report from the Commerce Department showing that new home sales fell in the month of March but still came in well above economist estimates.
Considerable strength is also visible among telecom stocks, with AT&T (T) helping to lead the sector higher after reporting better than expected first quarter earnings. AT&T is up by 4.2 percent, contributing to a 1.4 percent gain by the NYSE Arca Telecom Index.
Oil service, commercial real estate, and airline stocks have also shown notable moves to the upside on the day, while weakness is visible among health insurance, internet, and computer hardware stocks.
Currently, the tech-heavy Nasdaq is just below the unchanged line, down 0.39 points or less than a tenth of a percent at 2,970.06. Meanwhile, the Dow is up 111.82 points or 0.9 percent at 13,038.99 and the S&P 500 is up 7.23 points or 0.5 percent at 1,374.17.
by RTT Staff Writer
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