After moving higher at the open, stocks have seen some further upside over the course of morning trading on Tuesday. The major averages have shown a strong upward move, adding to the gains posted in the two previous sessions.
The continued strength on Wall Street comes as traders remain optimistic that the European Central Bank will unveil additional measures to address the ongoing debt crisis following the release of disappointing economic data from the region.
With Chesapeake Energy (CHK) leading the way higher after reporting strong second quarter profit growth, natural gas stocks are seeing considerable strength on the day. Reflecting the strength in the sector, the NYSE Arca Natural Gas Index has surged up by 2.4 percent.
Significant strength also remains visible among networking stocks, which are extending a recent upward move. The NYSE Arca Networking Index has advanced by 2.4 percent, climbing to its best intraday level in a month.
Health insurance, semiconductor, and oil service stocks are also posting notable gains in late morning trading, with an increase by the price of crude oil contributing to the strength in the oil service sector.
The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 74.62 points or 0.6 percent at 13,192.13, the Nasdaq is up 24.55 points or 0.8 percent at 3,014.46 and the S&P 500 is up 9.04 points or 0.7 percent at 1,403.27.
by RTT Staff Writer
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