The early strength on
Buying interest has also been seen in reaction to the day's economic data, including a report from the
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%.
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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