Currently, the major averages are posting modest gains, near their best levels of the day. The Dow is up 15.35 points or 0.1% at 16,791.09, the Nasdaq is up 14.91 points or 0.4% at 4,325.56 and the S&P 500 is up 4.75 points or 0.3% at 1,940.91.
The initial weakness on
The Obama administration is reportedly considering opening talks with
Selling pressure waned not long after the open, however, with a batch of upbeat US economic data helping to limit the downside.
The subsequent recovery reflects better than expected readings on
Before the start of trading, the New York Federal Reserve said its general business conditions index inched up to 19.3 in June from 19.0 in May, with a positive reading indicating growth in regional manufacturing activity.
The modest uptick by the index came as a surprise to economists, who had been expecting the index to drop to a reading of 15.0.
The Federal Reserve released a separate report showing that industrial production increased by 0.6% in May following a revised 0.3% decrease in April. Economists had expected production to climb by about 0.5%.
Considerable strength has emerged among electronic storage stocks, as reflected by the 3.9% gain being posted by the NYSE Arca Disk Drive Index.
Utilities stocks are also seeing significant strength, with Williams (WMB) posting a standout gain after agreeing to pay nearly
Most of the other major sectors are showing only modest moves as traders look ahead to the Fed's monetary policy announcement on Wednesday.
In overseas trading, stock markets across the
The major European markets have also turned mixed on the day. While the German DAX Index has edged up by 0.1%, the French CAC 40 Index and the
In the bond market, treasuries are showing a lack of direction as traders weigh the upbeat economic data against the worries about
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