Stocks have moved sharply higher over the course of morning trading on Tuesday following the long Memorial Day weekend. The major averages have shown strong upward moves, adding to the gains posted last week.
The markets have benefited from easing concerns about the global economic outlook due in part to polls suggesting that the upcoming Greek elections could result in a coalition government that supports the austerity measures required to receive the international bailout funds.
Speculation that China will announce further stimulus measures has also contributed to the strength on Wall Street, overshadowing a report from the Conference Board showing a notable deterioration in U.S. consumer confidence in the month of May.
Resource stocks are seeing considerable strength on the day, with steel stocks posting particularly strong gains. The NYSE Arca Steel Index has surged up by 3.1 percent amid standout gains by Mechel (MTL) and Schnitzer Steel (SCHN).
Significant strength is also visible among networking stocks, as reflected by the 2.4 percent gain being posted by the NYSE Arca Networking Index. Chemical, semiconductor, and housing stocks are also seeing notable strength amid broad based buying interest.
The major averages have given back some ground in recent trading but remain firmly positive. The Dow is up 145.80 points or 1.2 percent at 12,600.63, the Nasdaq is up 37.95 points or 1.3 percent at 2,875.48 and the S&P 500 is up 15.39 points or 1.2 percent at 1,333.21.
by RTT Staff Writer
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