(RTTNews) - After showing a strong upward move in early trading, stocks have given back some ground over the course of morning trading on Tuesday. The major averages have pulled back well off their best levels of the day, although they remain in positive territory.

The initial strength in the markets came as traders went bargain hunting following the recent weakness in the markets, with the early upward moves by the Dow and the S&P 500 lifting them off the three-month closing lows set in the previous session.

While buying interest has waned since then, significant strength remains visible among airline stocks, with the NYSE Arca Airline Index currently up by 5.8 percent. Gold, oil service, chemical, and networking stocks are also holding onto strong gains.

On the other hand, notable weakness has emerged among housing and commercial real estate stocks, contributing to the pullback by the broader markets.

The major averages have moved roughly sideways in recent trading, hovering well above the unchanged line. The Dow is currently up 86.76 at 9,995.15, the Nasdaq is up 9.57 at 2,135.62 and the S&P 500 is up 5.85 at 1,062.59.

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Posted in Categories: Economy, Releases, USA.

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