Stocks are seeing modest strength in mid-afternoon trading on Tuesday after recovering from early weakness over the course of the morning. The major averages are hovering in positive territory, offsetting the slim losses posted in the previous session.
The turnaround on Wall Street came amid reports that Greek officials have made progress on reaching an agreement to enact the reforms needed to receive a new bailout. The news offset concerns that Greece could be headed for a chaotic default.
Buying interest has remained somewhat subdued, however, as traders seem reluctant to continue buying stocks following the strong upward move seen in recent weeks.
Most of the major sectors are showing only modest moves, although significant strength has emerged among tobacco stocks. The NYSE Arca Tobacco Index is up by 1.3 percent after reaching a record intraday high earlier in the session.
Oil producer, utilities, and health insurance stocks are also seeing strength on the day, while weakness remains visible among biotechnology stocks.
The major averages have moved roughly sideways in afternoon trading, holding on to modest gains. The Dow is up 37.01 points or 0.3 percent at 12,882.14, the Nasdaq is up 3.75 points or 0.1 percent at 2,905.74 and the S&P 500 is up 2.83 points or 0.2 percent at 1,347.16.
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