With traders shrugging off disappointing consumer confidence data amid continued optimism about the likelihood of a resolution of the Greek debt crisis, stocks have moved mostly higher over the course of morning trading on Tuesday.
The strength in the markets comes as traders continue to express optimism that the Greek parliament will vote in favor of a package of austerity measures that are required to pass in order for the debt-plagued nation to receive additional financial assistance.
Energy stocks have helped to lead the way higher amid a notable increase by the price of crude oil, with crude for August delivery rising $0.89 to $91.50 a barrel. Oil service stocks are posting particularly strong gains, driving the Philadelphia Oil Service Index up by 2.5 percent.
Significant strength has also emerged among health insurance stocks, as reflected by the 1.9 percent gain being shown by the Morgan Stanley Healthcare Payor Index. Amerigroup (AGP) is up by 3.3 percent amid news that it will replace Nationwide Health Properties (NHP) in the S&P MidCap 400 index.
Most of the other major sectors have also moved to the upside on the day, with metal, internet, and computer hardware stocks posting notable gains.
The major averages are currently posting strong gains, just off their best levels of the day. The Dow is up 107.51 points or 0.9 percent at 12,151.07, the Nasdaq is up 25.55 points or 1 percent at 2,713.83 and the S&P 500 is up 10.41 points or 0.8 percent at 1,290.51.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.