Currently, the major averages are holding on to moderate gains, but they have pulled back off their highs for the young session. The Dow is up 50.24 points or 0.3% at 17,110.92, the Nasdaq is up 21.65 points or 0.5% at 4,438.04 and the S&P 500 is up 6.44 points or 0.3% at 1,979.72.
The early strength on
Positive sentiment was initially generated by a report from the
Annual growth in Chinese industrial production in June and fixed asset investment for the January to June period also came in above estimates.
Traders have also reacted positively to quarterly results from
After the close of trading on Tuesday,
Additionally, shares of
Steel stocks have shown a strong move to the upside amid optimism about Chinese demand, driving the NYSE Arca Steel Index up by 1.5%. The index is climbing back toward the six-month highs it set earlier this month.
Considerable strength has also emerged among computer hardware stocks, as reflected by the 1.5% gain being posted by the NYSE Arca Computer Hardware Index. The gain has lifted the index to a new record intraday high.
Gold, oil, and trucking stocks are also seeing early strength, while most of the other major sectors have shown more modest moves.
In overseas trading, stock markets across the
Meanwhile, the major European markets have all shown notable moves to the upside on the day. While the
In the bond market, treasuries continue to show a lack of direction after ending the previous session nearly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.556%.
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