Northern, WI 9/27/2011 (PennyPayDay) – Stocks moved sharply higher at the start of trading on Tuesday, extending the strong upward move seen over the course of the previous session. The major averages all jumped firmly into positive territory, continuing to offset the sell-off seen last week.The early strength on Wall Street comes as traders continue to express optimism about the financial situation in Europe, with officials reportedly taking further steps to address the Greek debt crisis and its impact on the regional economy.
Resource stocks are seeing considerable strength in early trading, benefiting from a rally by commodities prices. Steel stocks are posting particularly strong gains, while energy stocks are also showing a strong move to the upside as the price of crude oil jumps by nearly $3 a barrel.
Significant strength has also emerged among banking stocks, which are climbing further off their recent lows amid easing concerns about Europe. Transportation, housing, and networking stocks are also posting notable gains, moving higher along with most of the major sectors.
In recent trading, the major averages have pulled back off their highs for the young session, although they continue to post strong gains. The Dow is up 203.06 points or 1.8 percent at 11,246.92, the Nasdaq is up 34.72 points or 1.4 percent at 2,551.41 and the S&P 500 is up 20.05 points or 1.7 percent at 1,183.00.
PennyPayDay Disclaimer
No comments:
Post a Comment