Stocks have moved mostly higher in early trading on Monday, adding to the strong gains that were posted last Friday. The major averages have shown a notable move to the upside, with the Dow and the S&P 500 reaching three-month intraday highs.
The early strength on Wall Street comes as traders continue to react positively to last week's monthly jobs report, which showed much stronger than expected job growth in the month of July.
Reflecting optimism about the outlook for demand, steel stocks have shown a strong upward move in early trading. The NYSE Arca Steel Index has advanced by 2 percent, reaching its best intraday level in almost a month.
Networking stocks have also moved sharply higher, driving the NYSE Arca Networking Index up by 1.7 percent. Arris Group (ARRS), Ciena (CIEN) and Polycom (PLCM) are turning in some of the sector's best performances.
Considerable strength has also emerged among gold stocks, as reflected by the 2.1 percent gain being posted by the NYSE Arca Gold Bugs Index. Airline, tobacco, and oil service stocks are also seeing early strength.
The major averages have pulled back off their highs for the young session in the past few minutes but remain firmly positive. The Dow is up 68.72 points or 0.5 percent at 13,164.89, the Nasdaq is up 17.50 points or 0.6 percent at 2,985.40 and the S&P 500 is up 6.99 points or 0.5 percent at 1,397.98.
by RTT Staff Writer
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