News Column

Major Averages Climb Firmly Into Positive Territory In Early Trading

July 22, 2014

WASHINGTON (Alliance News) - With traders reacting positively to the latest earnings and economic news, stocks have moved mostly higher in early trading on Tuesday. The major averages have all climbed into positive territory, offsetting the modest weakness seen in the previous session.

The early strength on Wall Street is partly due to some upbeat earnings news, with Comcast (CMCSA) and Lexmark (LXK) posting notable gains after reporting better than expected quarterly results.

Buying interest has also been seen in reaction to the day's economic data, including a report from the National Association of Realtors showing that existing home sales rose by more than expected in June.

NAR said existing home sales climbed 2.6% to a seasonally adjusted annual rate of 5.04 million in June from an upwardly revised 4.91 million in May.

Networking stocks have shown a strong move to the upside in early trading, driving the NYSE Arca Networking Index up by 1.5%. Ciena (CIEN) and Arris Group (ARRS) are turning in two of the sector's best performances.

Housing stocks are also seeing significant strength on the heels of the upbeat data, moving notably higher along with biotech, electronic storage, and telecom stocks.

The major averages have recently pulled back off their highs for the young session but remain firmly positive. The Dow is up 67.75 points or 0.4% at 17,119.48, the Nasdaq is up 33.48 points or 0.8% at 4,458.18 and the S&P 500 is up 9.89 points or 0.5% at 1,983.52.

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Source: Alliance News

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