Stocks remain mostly positive in mid-afternoon trading on Tuesday, partly offsetting the steep losses posted in the previous session. The major averages are hovering firmly in positive territory after seeing some volatility earlier in the day.
The markets have benefited from bargain hunting following the sell-off seen on Monday, although buying interest has remained somewhat subdued amid lingering uncertainty about the financial situation in Europe.
Traders continue to digest news of a bailout for Spain, which has requested 100 billion euros from a euro area bailout fund in order to shore up its banking system.
Electronic storage stocks continue to post standout gains on the day, with the NYSE Arca Disk Drive Index up by 2.4 percent. Quantum (QTM) has helped to lead the sector higher, advancing by 4.7 percent.
Considerable strength also remains visible among gold stocks, which have moved higher along with the price of the previous metal. With gold for August delivery climbing $17 to $1,613.80 an ounce, the NYSE Arca Gold Bugs Index is up by 1.8 percent.
Railroad, semiconductor, telecom, and banking stocks are also seeing significant strength, moving to the upside along with most of the major sectors.
The major averages have moved roughly sideways in recent trading, holding on to moderate gains. The Dow is up 99.04 points or 0.8 percent at 12,510.27, the Nasdaq is up 17.24 points or 0.6 percent at 2,826.97 and the S&P 500 is up 7.74 points or 0.6 percent at 1,316.67.
by RTT Staff Writer
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