Major Averages Bounce Well Off Yesterday's Lows

(RTTNews) - Stocks moved mostly higher over the course of the trading day on Tuesday after falling sharply over the past few sessions. A positive reaction to the latest earnings news and economic data contributed to the rebound by the markets.

Housing stocks turned in some of the market's best performances, driving the Philadelphia Housing Sector Index up by 3.2 percent. The gain by the index came after it ended the previous session at its lowest closing level in over a month.

D.R. Horton (DHI) helped to lead the housing sector higher, with the homebuilder surging up by 9.8 after reporting better than expected first quarter results.

Considerable strength was also visible among steel stocks, which regained some ground after falling sharply in recent sessions. The NYSE Arca Steel Index jumped 2 percent, bouncing off Monday's three-month closing low.

Biotechnology stocks also turned in a strong performance, resulting in a 1.9 percent gain by the NYSE Arca Biotechnology Index. Nektar Therapeutics (NKTR) and Incyte (INCY) posted standout gains.

Gold, airline, brokerage, and natural gas stocks also saw significant strength, moving higher along with most of the other major sectors.

The major averages all closed in positive territory, bouncing off their lowest closing levels in over a month. The Dow advanced 90.68 points or 0.6 percent to 15,928.56, the Nasdaq rose 14.35 points or 0.4 percent to 4,097.96 and the S&P 500 climbed 10.94 points or 0.6 percent to 1,792.50.