The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is up 132.53 points or 0.8% at 17,076.34, the Nasdaq is up 31.36 points or 0.7% at 4,446.85 and the S&P 500 is up 11.18 points or 0.6% at 1,978.75.
The strength on
Before the start of trading,
However, the company also reported adjusted earnings of
The markets have also benefited from news on the merger-and-acquisition front, with
On the other hand, shares of
While stocks have moved mostly higher on the day, trading activity has remained somewhat subdued as traders look ahead to a slew of earnings news and economic data later in the week.
Traders are also likely to keep a close eye on reports on retail sales, producer price inflation, industrial production, housing starts, and regional manufacturing activity.
Congressional testimony by Federal Reserve Chair
Despite the notable upward move shown by the broader markets, most of the major sectors are showing only modest moves in mid-day trading.
Internet stocks have shown a strong move to the upside, however, with the Dow Jones Internet Index advancing by 1.2%.
Considerable strength also remains visible among brokerage stocks, as reflected by the 1.1% gain being posted by the NYSE Arca Broker/Dealer Index. The index is climbing further off the one-month closing low it set last Thursday.
Oil service, transportation, and banking stocks are also seeing some strength on the day, moving higher along with most of the other major sectors.
Meanwhile, gold stocks are seeing significant weakness, dragging the NYSE Arca Gold Bugs Index down by 2.6%. The weakness in the sector comes as gold for August delivery has tumbled
In overseas trading, stock markets across the
The major European markets also moved to the upside on the day. While the German DAX Index jumped by 1.2%, the
In the bond market, treasuries are seeing modest weakness after showing a strong upward move last week. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.1 basis points at 2.541%.
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