After moving notably higher at the start of trading on Monday, stocks have given back some ground over the course of the morning. The major averages have pulled back well off their highs for the session but remain in positive territory.
The initial strength on Wall Street came on the heels of news that the Greek Parliament approved a highly unpopular package of austerity measures amid nationwide protests on Sunday.
While the vote was designed to help pave the way for the debt-plagued nation to receive a new 130 billion euro bailout, the ongoing protests have raised some questions about the implementation of the plan.
Some traders also seem reluctant to make any significant moves ahead of the release of a slew of U.S. economic data later in the week. Reports on retail sales, industrial production, housing starts, jobless claims, and consumer and producer price inflation are likely to be in focus.
Nonetheless, biotechnology stocks are seeing considerable strength in late morning trading, with the NYSE Arca Biotechnology Index up by 1.9 percent. Regeneron Pharmaceuticals (REGN) is leading the sector higher, surging up by 10.7 percent after raising its 2012 sales forecast for its key eye drug Eylea.
Airline, banking, and health insurance stocks are also posting notable gains but are off their best levels of the day. A majority of the other major sectors have also moved to the upside on the day, but most are showing more modest moves.
The major averages have ticked back to the upside in the past few minutes but remain well off their best levels. The Dow is up 38.37 points or 0.3 percent at 12,839.60, the Nasdaq is up 13.58 points or 0.5 percent at 2,917.46 and the S&P 500 is up 5.16 points or 0.4 percent at 1,347.80.
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