News Column

Major Averages Move To The Upside Following Upbeat Data

June 24, 2014

WASHINGTON (Alliance News) - After initially showing a lack of direction, stocks have moved mostly higher over the course of early trading on Tuesday. The major averages have all moved to the upside, although buying interest has remained subdued.

The strength that has emerged on Wall Street comes on the heels of the release of much better than expected US economic data.

While the Commerce Department said new home sales jumped to a six-year high in May, the Conference Board reported a significant improvement in consumer confidence in June.

Housing stocks are seeing some strength on the heels of the new home sales data, moving higher along with internet, healthcare, and airline stocks.

Most of the other major sectors are showing only modest moves, however, with lingering valuation concerns limiting the upside.

While the Nasdaq has climbed firmly into positive territory, the Dow and the S&P 500 are posting modest gains. The Nasdaq is up 24.98 points or 0.6% at 4,393.66, while the Dow is up 24.94 points or 0.2% at 16,962.20 and the S&P 500 is up 3.94 points or 0.2% at 1,966.55.

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Source: Alliance News

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