While buying interest remains somewhat subdued, stocks are seeing moderate strength in mid-afternoon trading on Tuesday. The major averages are hovering in positive territory after showing a lack of direction earlier in the session.
The strength on Wall Street is partly due to bargain hunting following the sell-off that was seen in the previous session. Nonetheless, lingering concerns about the ongoing European debt crisis have helped to limit the upside for the markets.
Housing stocks are seeing considerable strength on the heels of the release of a report from Standard & Poor's showing a bigger than expected increase in home prices in April. Reflecting the strength in the housing sector, the Philadelphia Housing Sector Index is up by 2.4 percent.
Significant strength has also emerged among retail stocks, as reflected by the 1.1 percent gain being posted by the Dow Jones Retail Index. Pacific Sunwear (PSUN) and Best Buy (BBY) are posting notable gains on the day.
While moderate strength is also visible among oil, computer hardware, and banking stocks, gold stocks are under pressure amid a decrease by the price of the precious metal.
The major averages have moved roughly sideways in recent trading, holding on to gains. The Dow is up 28.99 points or 0.2 percent at 12,531.65, the Nasdaq is up 13.31 points or 0.5 percent at 2,839.47 and the S&P 500 is up 5.84 points or 0.4 percent at 1,319.56.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org